This is the first step in the creation of a model editor I'm working on. It's supposed to provide a basic set of tools to make changes and correct errors that don't require the advanced DCC toolset (3D Max, Maya etc.) and prevent continuous exporting with the help of artists.
This tool will allow manipulation of vertices and stores them inside an Xml attached to the source model in the content pipeline, meaning the next time the content is build it will process the changes made during runtime and re-apply them at build-time. More details will be posted on my blog once they're available.
blog: http://coreenginedev.blogspot.com