However, I discovered an option for scripting data INSERTs straight from the SQL Server 2008 Management Studio. It's a little hidden away, but it's there and it works beautifully.
Select a database in SSMS, right-click, and choose "Tasks/Generate Scripts..." from the context menu.
Under the "Choose Script Options" wizard page set "Script Data" as True, set the other options as appropriate, select the necessary objects...et voilĂ :
Good or what? It works on SQL 2005 dbs too. It's obviously not the answer to every problem, but it's a nice extra to have.