This program will decompile a Half-life2, Counter-Strike:Source, or Vampire the Masquerade:Bloodlines MDL. It creates all reference models including LOD's, dumps all animations, and will create the .qc file.

Place this executable in your .../SteamApps/sourcesdk/bin directory since it requires HL2 dll's to work
If you are missing MFC71.DLL check here http://www.dll-files.com/dllindex/dll-files.shtml?mfc71

This exporter is a work in progress and is only as good as my understanding of
the .qc syntax. Therefore there are sure to be lots of bugs.

Version 0.5 Released!

1. Added flex output - mdldecompiler will now create a vta file and include the required flex commands in the .qc
2. Added reference model support for Vampire the Masquerade:Bloodlines - no animation or flex support yet.
3. Fixed bugs creating incorrect animations (missing leg animations, etc).
4. Added hitbox and key values output.

Here are images of both Alyx from HL2 and Jeanette from VMB imported using my smd importer into 3dsmax
 

MDLDecompiler Version 0.5		Downloaded times
Old Versions
MDLDecompiler Version 0.4.1		Downloaded times
MDLDecompiler Version 0.3.2		Downloaded 7350 times
MDLDecompiler Version 0.2		Downloaded 4405 times
MDLDecompiler Version 0.1		Downloaded 6550 times

(any requests, bug reports, etc)