writing output to XML file

I have a log file and I have convert it into a xml file.

Log file :
======================================
Machine Details
Computer Name : ABCD-101
UserName : test
Domain : WORKGROUP
IP Address : xxx.xx.xx.xx
OS : Microsoft Windows XP Professional - Service Pack 2
....
Product Information
Product : XYZ
Version : 1.0.1
InstallDate : 20061222
....
======================================

And I want to convert it to xml file with following format,

======================================
<?xml version="1.0" ?>
<MyXml>
<MachineDetails>
<ComputerName>ABCD-101</ComputerName>
<UserName>test</UserName>
<Domain>WORKGROUP</Domain>
<IP Address >xxx.xx.xx.xx</IP Address >
<OS>Microsoft Windows XP Professional - Service Pack 2</OS>
</MachineDetails>
<ProductInfo>
<Product>XYZ</Product>
<Version>1.0.1</Version>
<InstallDate >20061222</InstallDate >
</ProductInfo>
</MyXml>
======================================

The one way I can think of is to use use Get-Content to get all the data
from log file and use SPLIT to split the line with ":" as separator. Then
compose a line using tags and data & use OUT-FILE to write to a file.

Is there any better way to create a XML file?