Adobe Captivate can produce SCORM packages. You can get Captivate by itself or get a full suite of tools in the Adobe e-Learning suite. The suite has integrated drawing software and Flash (useful for animation and adding interactivity beyond what Captivate can do alone). I have the e-Learning suite and use it daily in making my courses, but I don't use the SCORM features. I use Moodle for the scoreable components and the e-Learning suite for building interactive presentations.
Articulate has some tools to make SCORM as well. I haven't used Articulate products, but the support system for Articulate's products is very nice.
Now that being said, I can give you a few pros and cons about SCORM. The pro, when you have the tools and you own the development files it is a lot of fun and makes some excellent presentation materials. The difference between the good presentations and bad presentations that are built though is equally as much the creativity and talent that goes in to it as it is the tools. You can end up with merely a ho-hum bulleted Powerpoint presentation with some quizzes or you can really create something that is educational as well as entertaining. Take a look at the winners of the Articulate GUru awards at http://www.articulate.com/community/showcase/?page_id=203
The con is that once it is published and placed in a course, the instructors cannot make needed changes to customize or fix the SCORM. They won't have the tools nor will they have access to the raw files to fix and customize things. Whereas if you build it in Moodle they can make all the adjustments that they need to make without any addittional tools when it comes to the graded components.
We have always made our own courses, but this school year we were so excited to actually use a professionally built course that was largely SCORM. For all the anticipated lightening of the development load we found it to be profoundly frustrating to work with SCORM because we were stuck with the way the company made the course. We found many bugs, particularly with the score reporting between the SCORM and the grade book. Out of about 40 SCORMS, maybe 10 reported to Moodle properly. It made the course a nightmare for the instructor because trying to determine the actual grade of the students was near impossible. It was very frustrating for the students too because they would do the work and their reported grade would be 0.
Now this was mostly an issue of very poor quality control on the part of this professional level course provider. Sending merely one student through the course before release would have caught this problem. My point though is that we were stuck with the problems because we couldn't go in and change things inside of SCORM. We had need of customizing the course to meet the student's needs better and couldn't change anything. The experience has brought us to decide that we wouldn't lightly go with a grade-reporting SCORM course again without a very thorough investigation of the quality of the SCORM components that must send grades to the grade book. We prefer instead to have the grade-based activities be in the Moodle format so that our instructors have the tools and access to adjust the course as needed.