It is somewhat abandoned.
The scaffolding style code generators that generate out a good starting point from which standard coding takes over, those are very useful.
The Microsoft brand “design surface” based code generators (TableAdapters,WSSF) where the uml diagram of a class needs to be edited, rather than the actual class, those are more harm than good. if fact they slow development way down.
The design surface itself, is not necessarily a bad concept. it is just a GUI over top of a XML document. Just don’t use it to generate repetitive code. If code is repetitive, factor it out until its DRY. Don’t break out the code generators.