If you are using an old version of Adwords Editor, you will be prompted to update the software, as version 2.0 is now publicly available. Till now AdWords Editor was available only on 'invitation' basis. Inside AdWords blog explains the features of Version 2.0:
* Replace text- The replace text feature makes it easy to find and replace text from a headline, description line, or URL in one step.
* Find duplicate keywords- Unnecessary duplicate keywords can complicate your account management and skew performance statistics. Search your account for multiple instances of the same keyword, then edit or delete the duplicates as needed.
* Advanced Maximum CPC changes- The Advanced Maximum CPC changes tool helps you adjust bids by a specified percent or dollar amount, raise bids to the minimum CPC for all your inactive keywords, and more.
* Keyword Grouper. Want to know one of the most important tips for success with AdWords? Create tightly knit Ad Groups with keywords and ad text that are based on a common theme. To help you do just that, AdWords Editor offers the Keyword Grouper. The Keyword Grouper takes an existing list of keywords and divides them into smaller Ad Groups based on common themes. You can then create related ad text for the new Ad Groups or have the choice of using existing ad text from within your account.