Create a rounded wireframe? Is it possible to easily create a rounded wireframe mesh in blender?

The Skin modifier works well, but it's too heavy for even medium meshes; it takes several minuets with the default Suzanne. 

You can create a wireframe object with CtrlF> wireframe, but each "edge" has only three faces.

I know the trick with subsurf and loopcuts, but manually adding loopcuts will be tedious for anything larger than a cube.



Update:
The Crease option works okay, but it creates these pointed corners:



Is there a way to avoid this so it looks more rounded?

For comparison here are the Loopcut and Skin techniques:
Yes this is possible, the wire-frame tool has a Crease toggle, that gives a nicer result when the subsurf modifier is applied.

With Crease option enabled (right).

Note:
there is a bug in 2.68a, where this option only works if creases were already added to the mesh. Fixed in trunk (available in any builds newer than r60061 and will be in 2.69).
To workaround this you can add a crease to any edge before accessing wire tool.