It would be very useful to have a way of automatically create subvis when a single vi become too large. What we usually do is :
1. Select the portion we want ton encapsulate in a new vi.
2. ctrl-X.
3. Create new VI, save as, chose name, change icon.
4. ctrl-V.
5. Connect the front panel.
6. Add the new vi to the original diagram.
7. Connect the new vi.
8. Debug mistakes.
I think steps 2 to 8 could be automated with a single function (e.g. 'transmute selected code into a single vi'), saving a little time many times.