I have started a new project on CodePlex, a List Item Word Exporter for SharePoint. It offers the possibility to create templates based on Microsoft Word files, and associate them with lists. Using Edit Control Block you can then export any list item to a Word document, based on the predefined template.
In the template file, you can define tokens for item values, based on the list field display names, but there are also some built-in tokens for the current user, or the current date time.
Currently, the project only has a release for SharePoint 2013, but a release for SharePoint 2010 will also follow up.
Let me know what you think about it, and what improvements or suggestions you have for the next releases.