I think it's good for now. It's definitely an improvement to the previous version. Feel free to merge it.

This actually sounds more like "setup your own build infrastructure" rather than "build modules locally". Users are looking for something easier to use, closer to calling rpmbuild on spec.
That's something we do not have fully implemented (but @frostyx created dir2module already and we're getting close).

LGTM, I would merge because it adds a lot of helpful information.

However, I agree with @dmach. If somebody would tell me to do this so I could build modules locally, I would probably just not do it unless I was forced to.

Users are looking for something easier to use, closer to calling rpmbuild on spec.

Exactly.

That's something we do not have fully implemented (but @frostyx created dir2module already and we're getting close).

Just for the record, the project lives here

https://github.com/rpm-software-management/modulemd-tools

and we already have a blog post out

http://frostyx.cz/posts/introducing-modulemd-tools