DFM Editor allows edit and create Borland Delphi VCL Forms in text and binary format. It is compatible with all Borland Delphi versions (including BDS).
DFM Editor can extracts forms from compiled executables and DLLs (or others Portable Executable files) by its extraction tool.
Syntax highlihting editor, object inSpector and object tree view are tools that make work easier.
There's form preview tool available so you can view form in WYSIWYG mode.
DFM Editor can display interesting information about selected Borland Package file and registered classes.