This project is superceded by the new application Dynamics XRM Tools which includes improved features http://dynamicsxrmtools.codeplex.com/
I’ve developed the CRM 2011 Metadata Browser as a Silverlight 4 application that is packaged as a Managed CRM 2011 Solution. This tool allows you to view metadata within CRM including Entities, Attributes and Relationships. The tool uses the 2011 endpoint Organization.svc/web WCF service and is accessible from the Settings area under Customizations in CRM once imported into CRM.
You can download the CRM 2011 Metadata Browser from codeplex.
The look and feel of this component will improve and new functionality will be added in the near future so please provide feedback on your experience.