I've never tried this, but the XSD FAQ says this:
JAXB produces a simple Java API given
an XML Schema and it does so using
essentially a black box design. EMF
produces an Ecore model given an XML
Schema and then uses template-based
generator technology to generate a
rich Java API (of hand written
quality). The XML Schema to Ecore
conversion can be tailored, the
templates used to generate the Java
API can be tailored, and the resulting
Java API can be tailored. The
generator supports merging
regeneration so that it will preserve
your hand written changes. In other
words, EMF is far richer and more
flexible, and supports a broader
subset of XML Schema (especially in
2.0, where wildcards and mixed content will be supported).
If I were you, I'd try some experiments to see how well this process works, and what the practical limitations are.