The very beta first release of the Sakai App Builder plugin for Eclipse 3.2 is now available for developers to try out. Here is the blurb from the page linked above:
The Sakai AppBuilder is a RAD tool that allows you to quickly create Sakai webapp projects in the Eclipse SDK that will work in the Sakai framework. Use these as a basis for the projects that you want to make without all the busy work of creating the structures and adding in all the dependencies. You can choose various UI layer options and implementation types to get you started quickly. This will not write your entire app for your, but it should help you get started quickly.
This was alpha tested on the folks who attended the Tetra ELF cafe workshop in Oxford, England the last week of September (and they were quite good sports about it).