I often take a look into the Changelogs to see if I can find something interesting new - and often I do. Today I found this entry in the changelog for MySQL 5.1.10:
"Added the REFERENTIAL_CONSTRAINTS table to INFORMATION_SCHEMA. It provides information about foreign keys."
It seems (or lets say, I hope) that information_schema will now also provide information like "ON UPDATE CASCADE" or "ON DELETE CASCADE". I think (and I heard of other people who also think this way) that every CREATE statement (be it a table, a view, a stored procedure, an event or whatever) should be re-creatable from the content that's provided by information_schema. So this would be one step further to achieve this goal.
Unfortunately, the queries against information_schema are often very slow (mainly, if there's a lot of data in the databases), but this issue has also been discussed during the MySQL Users Conference and as far as I know, the developers are currently working to provide better performance. I wish them luck and success!