In a previous workplace, we managed to get at least a simple integration between EF and AM, based on about a day's fiddling about. It was limited, and someone else did it, but I'll try to outline the approach I think he took.
1) Use Model-First Entity Framework to duplicate the design of your AM entities. Eg, if you have an AM anchor with six attributes, then create an EF entity with the same six attributes.
2) In the EF model, set the entity to read from the 3NF view.
You can then write LINQ statements like;
from obj in MyAnchor
where obj.Title = 'foo'
and it'll translate to the appropriate T-SQL query using Entity Framework. That's read-only covered. To allow edits;
3) Create stored procedures for insert, update, and delete for each entity, eg sp_insert_Customer, sp_update_Customer, sp_delete_Customer.
4) In the EF model, set the entity to insert/update/delete using the stored procedures.
You can now insert/update/delete items in your EF context, and context.SaveChanges() will fire the appropriate stored procedures for modified entities.
There is obviously some duplication at play here -- the schema needs to be duplicated between the online Anchor Modelling tool and in the Entity Framework model in the EDMX file, but I think there's the possibility of automating this process using XSLT or similar. Generating the insert/update/delete stored procedures could also be automated.
Big questions for me are;
1) How would relationships work? I've seen this work for attribute values, but I don't know whether something could be done to unify AM's concept of *ties* with EF's concept of *navigation properties*.
2) Can EF's support for inheritance be modeled using AM? Currently, EF allows you to build systems where concrete entities inherit from abstract entities, and builds and manages the appropriate tables and foreign key constraints underneath. I don't know if AM deals with any form of inheritance, so you may need to flatten all your EF entities out somehow, possibly by using Table-Per-Concrete-Type? (http://weblogs.asp.net/manavi/archive/2010/12/24/inheritance-mapping-strategies-with-entity-framework-code-first-ctp5-part-1-table-per-hierarchy-tph.aspx)
All of this was based on an older version of the AM tools, and it's been a while, so apologies for any inaccuracy -- I hope it's enough for people to start kicking around the ideas, at least.