We offer a tool called DocFlex/XML XSDDoc that allows you to enjoy both things at once:
The diagrams in fact are generated not by us, but by Altova XMLSpy. We implemented an Integration with XMLSpy (with the full support of all diagram hyperlinks):
Here you can see the full this doc: http://www.filigris.com/docflex-xml/xsddoc/examples/html/XMLSchema/index.html
The whole thing provides a functionality not offered by any single vendor right now on the market!
Some our customers were so impressed that they purchased an extra license for XMLSpy only because of our tool. (That's no joke!)
Currently, we've also implemented similar integrations with other XML editors:
See: http://www.filigris.com/docflex-xml/OxygenXML/demo/html/xslt20/index.html
See: http://www.filigris.com/docflex-xml/LiquidXML/demo/html/XMLSchema/index.html
Concerning what all those diagrams depict... Essentially, they are all about content model of XSD elements (as well as other XSD components that lead to elements: complexTypes, element/attribute groups). It seems, there are two approaches here:
I personally believe that the diagrams generated by XMLSpy are more useful.
Yet, there were no attempts so far (at least known to me) to depict graphically anything else contained in XML schemas, although one can imagine many...