Unit Testing, Agile Development, Leadership & .NET - By Roy Osherove
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Scott Belware argument at ALT.NET Seattle was that because an AMC makes testing less painful it can hide code smells.
What I find bad in automock style is that you are now not obliged to make your code less coupled. If you have a tool such as TypeMock you can mock almost everything without rewriting your code at all.
But if you had to write all mocks manually you would probably try to reduce the amount of work and try write modules less dependable from others using interfaces, dependency injections and IoC patterns.
Though I read somewhere an article named like "Don't code for testability", but as everywhere it is better to try find a golden middle.