We have done some preliminary work to generate .EDM files from an .ORM file, but this work has not yet been blessed as sufficiently complete to add to setup.
As Ken points out, in terms of a conceptual modeling paradigm, the MS Entity Framework is basically an Entity-Relationship model. Although they like to carry the 'conceptual modeling' tag, both ER and UML are conceptual/logical hybrid notations that force non-conceptual structural rigidity into your model. So, to offer a completely unbiased opinion, if you want to do a conceptual model, then do it in ORM.
However, having said that, there are a wealth of existing toolsets out there than generate and report on other modeling notations. If we can leverage any of the work done for these other modeling notations by generating them from an ORM model, then we place ORM in a much stronger position. One of the goals of NORMA is to become the best way to generate correct ER models (in various flavors, including EF), UML class diagrams, etc. In fact, because of its pure conceptual nature, ORM is in a unique position to generate these other model forms, and we can do it without the inherent weaknesses in hybrid modeling forms. Of course, the glaring weakness in both ER and UML used for data modeling is that they do not guarantee normalized data models.
So, yes, we will be targeting EF in the future. The more we can position ORM as a complementary technology instead of a replacement for other notations the stronger a position we'll place ourselves in. We can't compete with the massive development resources, so we might as well plug into them where possible.