Google AdWords Blog reports the launch saying "Today, we released version 5.0 of AdWords Editor, our free, downloadable campaign management application. Among other features, version 5.0 includes support for local business ads, an export picker that lets you select specific campaigns and ad groups to save to a CSV file, and the ability to save advanced search settings. You can read our release notes for a complete list of new and updated features."
The new version can be download here. They caution that "To avoid losing unposted changes or comments, export an archive of your account before upgrading. After you've completed the upgrade, download your account then import the archive file to get your account up and running."
The new version however seems to be throwing minor installation problems, as the post on Search Engine Watch suggests.
Google's offers a solution for it ""The potential exists for v5 on Windows to crash on start-up. This will most likely be experienced by users who have Google Toolbar for Internet Explorer. The work-around for this is to remove all copies of Google AdWords Editor from the Add or Remove Programs Control Panel (there will probably be two), then reinstall."
You can visit the AdWords Editor Help Center Here