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
 

For the latest MDL Decompiler version please check out the studiocompiler download page
Old Versions
MDLDecompiler Version 0.5		Downloaded 103756 times
MDLDecompiler Version 0.4.1		Downloaded 7733 times
MDLDecompiler Version 0.3.2		Downloaded 6425 times
MDLDecompiler Version 0.2		Downloaded 10688 times
MDLDecompiler Version 0.1		Downloaded 17628 times

(any requests, bug reports, etc)