The code has been updated again, this time instead of using sp_columns we are using the system tables directly. This provides access to additional data, such as whether the column is computed. Plus, in the event that Microsoft changes sp_columns - that would not break our code.
One significant change since the previous January 2012 version is that option 4 now provides a skeleton for an insert stored procedure - all of the column names are provided with data types in a DECLARE statement as parameters, followed by the INSERT for column names, and finally the SELECT statement that references the parameters. In this option, the code is excluding non-updating columns such as identity, timestamp, image, or any computed columns.
In all prior versions, we bracket  any columns that have non-alphanumeric characters such as spaces or hyphens. In order to accommodate the #4 option, we have a large REPLACE statement to convert those to underscores. If you have any other characters to exclude, you can edit the REPLACE (which occurs in two places) to make the corrections.
EDIT ON 10/20/2012 - this new rewrite of the wm_columns will not work on views, because sp_tables actually pulls in both tables and views; where of course sys.tables only looks at tables. Hmmm. I will probably add one more option to this, so views will be back in the list.