These reports were called Data Summary Reports and they accompanied digital data sets when they were distributed. Now, metadata files are generally text files which can be generated, or exist with the GIS data set on the computer. Collecting GIS data can be an expensive effort. One way to minimize the cost, is to find data which has already been collected, or find someone who wants to collect similar data, and share resources. The most useful tool when using the Content Standards is the FGDC Metadata Standard - An Image Map created by the National Biological Service.
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This type of software already exists and is discussed under Metadata and Isite web searches . It is important to note that in the digital geographic information world, metadata is not a separate entity from the actual data. They are, in fact, pieces of the same whole. In the evolution of the GIS world, metadata is now being developed. If you want to drive off-road, you would not want to use a small, low riding sports car.