I suppose it depends on whether you want to view what is created as a learning object or a resource.
A learning object would be an asset which can be assigned to a student / students and involves feedback based on the input to the asset. This can then be taken on to use pathways (depending on the input the asset responds differently) and at theend of the activity using the asset there is feedback for both staff and student.
A resource may simply be a simple object such as a video, a picture, an audio file or a flat document (PDF, word processed file, etc).
For the latter I think we have more than sufficient tools out there ... we just need to consider the correct format (sorry to dip into an open formats discussion but ti is relevant when you pay not know what a student uses at home).
For the former there are a range of tools, fromteh basic packaging tool of Learning Essentials (a variation of HunterStone Thesis Lite) through to the Full HunterStone Thesis Pro ... There is an SLK wrapper for the old class server client for if you are creating objects for Sharepoint, Lodestar, eXe ...
As with all tools ... the simpler they are to operate and create content the simpler the content will be ... as you go to the complex tools you can make very powerful objects ... but the cost in licences, training and time to create each object increases.
http://www.adlnet.gov may have more information for you on SCORM that you might find interesting.