This project is superceded by the new application Dynamics XRM Tools which includes improved features http://dynamicsxrmtools.codeplex.com/
New Export to Excel feature added to the CRM 2011 Metadata Browser.
Export your entities, attributes and relationships in either xml (MS Excel) or csv fomat.
I 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.