Exactly Skaven, I read the “Creating Normal Maps with Cinema 4D” article a while ago and thought it would be great to be able to do it through Zbrush. Considering the amount of detail you can create through merely Zsub/Zadd’ing it would seem the perfect candidate for normal map making(and of course textures in general).
Anyway I completed the Zscript, but I am sorry… I forgot how slow editing an image pixol by pixol is. The script works and I think it adheres to the guidelines of what the color values should be, as stated in the above mentioned article. But, a big but, it is very slow, a 256x256 image takes about 2:13 minutes, a 512x512 took about 13 minutes, both on a P4 2Ghz :). Apart from that it seems to work ok, although some strange problem occurs when the normals are -1/1 or very close to that.
A couple of tests:

The script is very basic, just a single button but if anyone thinks it is worth anything I might add stuff like a user Zvalue (right now it is fully blue(255) as I gathered it was supposed to be), a Min/Max range for the Red and Green (no idea what it could be used for :)) and a batch processing for taking multiple .zbr’s and letting them normal map themselves while you eat dinner, watch a movie and have that laser surgery on your eye you allways wanted 
I had a quick try at doing normal maps via materials and lighting, but quickly realised it would be far too much trial and error, for me at least. But it should in theory be very possible that Pixologic could make a special Material that showed normal mapping colors and allowed us to MRGBZgrab it.
And here is the script:
PixolNormalMapper.txt
I recommend you resize the canvas to 256x256 or smaller when testing it and also hit the Flat Renderer before clicking the button, so you can see what is going on(in this day and age 2 minutes and 13 seconds is faaar to long :D) If you are just jumping into this thread remember you need some pixols in there that the script can compute.