I recently tried Alex Jones python script to convert saved graphics from enhaced Draw Widget to shapefiles. I ran into problems when the script is inserting attribute values, I think it was because the fields are all text fields, but some values are not text strings, so I just made sure they are by using str(). Then it works for me.
I also made a tool/script for ArcGIS toolbox, where the user can browse for txt-file, output location and coordinate system and run it in ArcGIS instead of running it from a python ide and using hard coded paths. It makes it a bit easier to use, if anyone is interessted here's the toolbox and script.
Just unzip it somewhere and then rightclick in your toolbox and choose add tollbox and point to the tbx file you just unzipped.
Thanks to Alex for sharing the script!