Is there a out-of-the-box tool in ArcGIS 10 (Editor) that would allow me to easily create a polygon feature from the current map extent or to convert a bookmark to a polygon feature.
I am not interested in a programmatic or a 3rd party solution.
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I setup my bookmarks, then went through each of them in layout view and added a graphic rectangle to the extent of the data frame (by double clicking inside the frame and using the draw tools). I then converted the graphics to polygon features and added attributes for name and scale. The resulting feature class can be used for Data Driven Pages. It's not exact, but it is a possible solution. Hope this helps.