That is a really cool application.
I like the simplicity and look of it. I especially like you made it Silverlight - it is perfect for an application like this. I have some features you could implement if you like:
Like the texture-to-vertices algorithm in the Farseer Physics toolset, you simply click a button and it will automatically find the vertices with a certain resolution (detail). You are welcome to use the FPE code itself to achieve this. There are times where
you need to fiddle a little with the vertices created by the algorithm, a tool like this would be perfect for that.
2. Convex hull
Farseer Physics Engine 3.0 will be convex-only. You currently add vertices and draw a line between the vertices in the order they are created. If you add a convex hull algorithm you can reorder the vertices to outline the geometry with no overlaps. Much
like what is found
Keep up the good work.