automatic generation of documentation is only useful if that documentation
a) provides a view for a programmer of that code that he can't as easily get from looking at the source code or
b) provides a document that makes interfacing/using with the code possible without needing to look at the code

To achieve a) it isn't enough to just extract comments (handcrafted or not) or generate them, both provide no new information and should be visible in the code itself (if they are not hidden by bad coding). Arnon hits the nail on the head here. There might be some use for diagrams showing the call or object hierarchies but I don't have much experience there so don't know.

b) is impossible in the general case (at least without true artificial intelligence). One could argue that is what is done with the POD-pages, but there you need to write the docs all by yourself, the only difference to separate documentation is that with POD the information is closer to the code.

Btw, I don't see refactoring as a substitute for documentation. No code is that readable that a comment can't tell you faster whether or what part of that code you need to read.

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