Anyone using RailsProductGenerator ?

I need a solution provides a:

"first tier ... single base application that encapsulates common functionality for your product. The second tier consists of several customized applications that inherit and extend functionality from that base. It is useful for web developers who want to create a base application with some sort of generic functionality (e.g. a shopping cart) and then extend or modify that functionality for specific clients only." (Peak Obsession)

RailsProductGenerator looks ideal for this?

Has anyone used it recently? Does it work with Rails 2.0?

Are there any other alternatives I should consider?

Thank you,

John