Well, it's not a tool, per se, but with AME, one can easily Export a still. Select the Clip, and move the CTI to the exact Frame, then Export that Frame. The formats are a bit limited, but with CS4.2, the process is almost exactly the way it was in PrPro 2 & CS3. The one thing lacking now, is the option to Add to Project, like in the old days. If you have CS4, prior to CS4.2.1, I would upgrade to the current, as the earlier releases of CS4 made it much more labor intensive, compared to before, or now.
PS - while not a "one-button solution" guy, this is one operation that I would love to see on an icon on the Timeline, with the Add to Project as a dialog radio button.