From a guy at work:
The readability of generated code is inversely proportional to the readability of the code which generated it.
The first law of software engineering (and until I heard the one above the only one I thought existed) is:
(See also http://www.news.com.au/common/printpage/0,6093,11009375,00.html
for an expanded explaination of that formula..)
Seriously, though – is it better to have readable generated code or readable generation code?