It is still in the sign-up phase which you can plug your own email in to get in line for.
I also checked out the AdWords Editor, seems to download the AdWords account files ok, and displays all the data. That's about it though. I did find it a little difficult to use when managing several individual accounts, not campaigns, because you have to switch and reopen each separate file. The best part I experienced was that you can fairly easily manage the keywords. I think a lot of the data would have been a lot more useful if it was split up into a tabbular display arrangement instead of so squished together you couldnt see the data, even spread across 2 19" monitors. You are also not able to create new accounts via the stand alone, and cannot edit the geolocation to anything more specific than the country level. Still needs a bit of work, but it's getting there. They have the right idea at least :)
Feel free to try the open download if you have an AdWords account: