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I love this smell too. Smells are emotionally charged to begin with, and this is one of the more powerful ones in my experience. The fact that it's so intermittent and fleeting (small correction to the title: it's the smell after it's just begun to rain) adds to its mystery. Because of that, I kind of hope it doesn't get extracted into a product. Perhaps I'm being too nostalgic, though, sitting in just about the darkest day of winter when it's been -20 for most of the past month...

According to the wikipedia spanish article for Petrichor, they haven't been able to synthesize the smell due to its complex composition of more than 50 substances.

http://www.bristol.ac.uk/news/2007/5384.html made the rounds a while back.