Gist for use on Phase2 blog.

faker.php

<?php

/**
 * @file example.faker.inc
 */

/**
 * Implements hook_faker_node_generate().
 */
function example_faker_node_generate($node, $faker) {
  if ($node->type == 'bio') {
    // For our bio nodes, use a name as the title.
    $node->title = $faker->name;

    // Generate an opening paragraph, followed by a 2-4 sections comprised of
    // a heading followed by 1-3 paragraphs, each with 5-10 sentences.
    $body = '<p>' . $faker->paragraph(3,5) .'</p>';
    for ($i = 0; $i < rand(2,4); $i++) {
      $body .= '<h3>' . $faker->sentence . '</h3>';
      for ($j = 0; $j < rand(1,3); $j++) {
        $body .= '<p>' . $faker->paragraph(rand(5,10)) . '</p>';
      }
    }
    $node->body['und'][0]['value'] = $body;
    $node->body['und'][0]['format'] = 'full_html';

    // A text field that should contain an email address.
    $node->field_email['und'][0]['value'] = $faker->email;

    // A text field that should contain a phone number.
    $node->field_phone['und'][0]['value'] = $faker->phoneNumber;
  }
}