Not dug into this tool very much, but just tried importing (bld.inf) some S60 v2.1 SDK examples. The projects import OK, but building failed - any local includes (e.g. #include "GraphicsAppUi.h") are marked as not found, with a consequence the code doesn't compile.
Only system includes were recognised (i.e. those in epoc32\include). Adding the local (user) include directories to the system include paths didn't seem to make any difference.
......solved this by noting, as detailed in the installation guide, make sure your workspace path doesn't have any spaces in it!
This means NOT accepting the default path given to you (which was for me in "\documents and settings\" - i.e. the default includes spaces).
The moral of the story - don't include spaces in your workspace path, otherwise you'll get obscure build errors.
Now have the examples building AOK.