Okay, so I lied. But module builder can save you a lot of time when writing custom modules.
And it now works with drush, too. I added support for drush a few weeks ago, which let you do things like "$ drush mb mymodule cron init menu nodeapi --write" and hey presto, a new module folder is created, with an info file and a module file, with hook implementations ready to do your (evil) bidding. (Note: this blog does not sanction use of Drupal, module builder, or drush for evil.)