I really like this question since I use a lot of XML for bulk inserts of business objects.

And thank you to Paul and everyone, I just learned that Cross Apply method seems to be about 5x faster. Never though of that method.

DECLARE @x xml

SET @X =

N'<toys>

<myToy>

<name>Train</name>

<components>

<part><name>engine</name><howMany>1</howMany></part>

<part><name>coaches</name><howMany>10</howMany></part>

<part><name>caboose</name><howMany>1</howMany></part>

<part><name>tracks</name><howMany>125</howMany></part>

<part><name>switches</name><howMany>8</howMany></part>

<part><name>power controller</name><howMany>1</howMany></part>

</components>

</myToy>

<myToy>

<name>remote control car</name>

<components>

<part><name>remote control</name><howMany>1</howMany></part>

<part><name>car</name><howMany>1</howMany></part>

<part><name>batteries</name><howMany>8</howMany></part>

</components>

</myToy>

</toys>

';

SELECT

[name] = T1.Toy.value('name[1]','VARCHAR(20)'),

componentname = T2.Part.value('name[1]','VARCHAR(20)'),

numberOfItems = T2.Part.value('howMany[1]','TINYINT')

FROM @x.nodes('/toys/myToy') T1(Toy)

CROSS APPLY

T1.Toy.nodes('./components/part') T2(Part)

SELECT

[name] = T2.Part.value('../../name[1]','VARCHAR(20)'),

componentname = T2.Part.value('name[1]','VARCHAR(20)'),

numberOfItems = T2.Part.value('howMany[1]','TINYINT')

FROM @x.nodes('/toys/myToy/components/part') T2(Part)