The release candidate for Entity Framework 5.0 is now available on Codeplex. There have been several new improvements since beta 2.
"We updated Code First to add tables to existing database"
This looks promising because my database model is shared with other schemas (like the Membership) and I haven't really come up with a good way to manage both in the same database other than the VS Database project. When using code first I usually have to create the entity, the mapping, then use the DbContext to create a schema of my model in a NEW database, copy the table and key DDL SQL definitions to my actual schema, and sync them with my VS Database project. This new functionality should remove a few steps. I know I should probably have some scaffolding going on.. any constructive suggestions to make my schema modifications easier would be appreciated.