Today highlighted on the MSDN homepage: PackageThis!
Created by the MSDN development team, PackageThis! allows you to choose documentation sets from the MSDN Library to save as HXS or CHM format files. Simply select nodes in the MSDN Library Tree View to package as your own local mini-library, or to build into your own library. Multiple languages are supported.
PackageThis is a GUI tool written in C# for creating help files (.chm and .hxs) from the content obtained from the MSDN Library via the MSDN Content Service. You select the content you want from the table of contents, build a help file, and use the content offline. You are making personalized ebooks of MSDN content. Both help file formats also give full text search and keyword search.The code illustrates how to use the MSDN Content Service to retrieve documentation from MSDN. It also shows how to build .hxs files and .chm files programmatically.
Above the GUI of PackageThis! with the Windows Live branch below the Web Development section selected. From the Menu | File you can select "Export to Hxs/Chm file" to generate the Hxs or Chm file.
Note that the tool is still in an initial beta release, so it's worth checking out the issue tracker section.