This is what you call a component builder. I was able to master using this in a very short time and the resulting component works like a charm. Not just a basic component builder but a fully working component builder with forms fields tables all ready to go. You can make the list and item views to display in the front and back end. Also there is a great forum just starting to evolve and I'm sure this will grow very rapidly when you all realise how good this tool is.
