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After 20 minutes of trying to do it via their web interface (and receiving an error message each and every time I clicked on the "Apply to all keywords" button), I found my only option was to export the campaign to CSV, edit the bids in the CSV file, and reupload said file.
This is ridiculous. Seriously.
I've just received 5 consecutive:
"System error. Please contact MSN Customer Support and refer to this error number:1."
I have now officially spent 70 minutes trying to update my bids this morning.
PS - Did you contact support? They are reasonably good at letting you know this means you "need" to clear your cache and cookies. Still puzzled as to why...