When Miguel asked me to investigate making MonoDevelop support using Razor templates in MonoTouch and Mono for Android apps, I realized that it could be done simply and with very few dependencies by taking the same approach as T4 preprocessed templates, which I implemented for MonoDevelop a couple of years ago. Fortunately, this time the hard part was already done: I could use Microsoft's open-source Razor parser instead of writing my own parser. I also found a Visual Studio extension called Razor Generator that was very close in functionality to what I wanted, and was able to use this as a basis for my work. I was able to hook it it into the fantastic Razor editing and code completion support written by Piotr Dowgiallo in the Google Summer of Code this year.
After a few days work implementing, tweaking and tuning (and bouncing ideas off Bojan Rajković), I present Razor Preprocessed Templates in MonoDevelop.