The cpan script, which comes with Perl, will do this for you, giving you output to the terminal and also creating a bundle file at the end of the run. I don't know how fast you want this, but for the 4,000+ modules I have installed on my Powerbook, this took a bit over a minute to complete for output to the terminal, and about 40 seconds to send everything to a file.

$ cpan -a
Package namespace         installed    latest  in CPAN file
Acme::EyeDrops                 1.51      1.51  A/AS/ASAVIGE/Acme-EyeDr
+ops-1.51.tar.gz
Acme::Monta                    0.01      0.01  Y/YA/YAPPO/Acme-Monta-0
+.01.tar.gz
Algorithm::ChooseSubsets       0.02      0.02  B/BD/BDUGGAN/Algorithm-
+ChooseSubsets-0.02.tar.gz                                    
...
vmsish                         1.01      1.02  N/NW/NWCLARK/perl-5.8.8
+.tar.gz
warnings                       1.03      1.05  N/NW/NWCLARK/perl-5.8.8
+.tar.gz
warnings::register             1.00      1.01  N/NW/NWCLARK/perl-5.8.8
+.tar.gz

Wrote bundle file
    /Users/brian/.cpan/Bundle/Snapshot_2006_10_19_00.pm
[download]