I was an AdWords Editor sceptic at first, but after receiving a little training at the Google office in Chicago I became a believer.
Here's an example of what can be done with it:
I had a large national campaign and I wanted to create 5 new geo-targeted campaigns that matched the original campaign exactly but syndicated to one state each.
All told, that amounted to 5 new campaigns which, all together, contained a total of 95 adgroups, and over 15,000 keywords.
In AdWords Editor I copied all the keywords from the original campaign and then pasted them into Excel in 5 sets. I then changed the names of the campaigns and adgroups to the new ones I needed and updated the tracking URLs. From there I pasted the entire list back into AdWords Editor which read my campaign and adgroup names and automatically created new campaigns and adgroups and filled them with the copied keywords. Rinse and repeat for the ads.
From there I had to input Daily Budgets and Max CPCs, give everything a once over, and then hit Post.
Not counting the prep time for the tracking URLs this took all of 10 minutes, max. The only thing left was setting geo-targeting which can't be done at the state level from within Editor yet.
I must say, if you know how to use it, AdWords Editor makes bulksheets look like muck farming. I now find it to be essential for stuff like creating new campaigns, moving keywords or adgroups, and making bulk changes to ads (find and replace!).
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