I might not be understanding something, but I created a new button using wizard, selected random action. I went to the button and it had [Event Procedure] for the click event and I can open the code behind the form for and see the code for that button....
What is also bad is that if you downgrade an 2007 database that used the wizards to create command buttons with embedded macros, they will not work. You have to manually edit ever command button and convert the embedded macro to VBA code.