Ignacio Martinez (U Chicago/Argonne, Vensim distributor, and all around nice guy) has developed a nifty tool that exploits Vensim’s open text file format and .dll to make very thorough, browsable model documentation.
It’s incredibly simple to use. Just unzip the archive, fire up the .exe, and point it at a model (.mdl format; it’ll also read some information out of an accompanying published .vpm, if there is one, but that’s not needed):