bhazzard, thanks for your input. And actually, I believe that your post brings to light a much larger / deeper issue within the web-based development community, to the point where I feel there would be a lot of benefit to having a couple of wiki pages up for this (heheh as soon as we get the new qcodo.com with wiki's up there =).
But there's no reason why we shouldn't start the discussion here. =)
I think that the XML vs. DB model approach mostly depends on the way your process is for developing data models.
I know that there are a lot of dev teams (especially within the PHP / MySQL) that work directly with the database in its development process (e.g. via command line tools or something like phpmyadmin)... and because of this more or less lack of formal process, something like propel's XML/YML approach to defining a data model seems a lot more structured.
But in my professional career, I have never seen a development team that, once they've seen ER-diagramming tools used correctly within the software development lifecycle, choose to make ER-diagramming tools a standard within their processes.
I think there is little argument that a visual diagram of a data model as the SOURCE of your data model will beat out any sql dump, web-based admin tool or XML file.
And qcodo's ORM was designed around this philosophy / realization.
By using export-to-sql from your favorite ER diagramming tool (i've got suggestions if you want), then you can switch DB engines whenever you want.
Moreover, by using basic/simple “diff”-based tools from your newly-generated create scripts to existing databases, you can version changes of your database, and thus, keep much better version control of your data model as the application and data model continues to change/modify/grow.