I tend to design the database first, then generate code from that using T4 or Code Smith. I strongly feel the computer should be doing the grunt work, the developer should be focused on architecture design, visual design and usability and business plan.
I would love to be able to use Lightswitch to design the majority of my system. However, I wished we could use it create a Hydra System. I would love it to generate multiple front ends project frameworks, from HTML5, Silverlight, WPF, iPhone, ASP.Net MVC, etc.
If it could generate the Models and various combinations of Views and ViewModels, we could use Visual Studio to customize the Views so that it wouldn't be so obvious that we were using Lightswitch. Hopefully you can do it in a way where 3rd parties can just plug in a create slick, usuable themes and GUI designs.
The thought for this approach is that I would like to design the backend and web api, then hire HTML designers to enhance or radically redesign the GUI. I would also like the option to generate other types of user interfaces at a later time once the GUI design is finalized. it would be cool if Lightswitch could utilize that customized HTHML GUI to generate other GUIs such as WPF, Metro, etc. That's probably not realistic at the moment, but I'm sure there is a way to do it.