Interestingly, it will give keyword suggestions based on spidering data (you supply a domain name - it matches keywords within title and on-page keywords of URL in that site). If you use it for sites within your Adwords account, it won't suggest keywords you're already using.
From an initial play around, it looks like it will be very useful for campaigns that potentially have lots if missed opportunities for good paid keywords - particularly for larger sites where there may be product pages and the like that are easily overlooked. Spreadsheet export is nice too.
Data returned for sites you don't have Adwords for seems pretty screwy, unfortunately ;)
The tool's located at [google.com...]
The categories are strange (mortgage has 15 keyword in the 'jewelry section' like 'watch mortgage').
The tool doesn't seem to be hooked up to your AdWords account. I logged into a dozen accounts just to see if the tool would recognize I was logged in and in both FF and Chrome the tool says that I'm not associated with the domain (and if it's just you're sending traffic there - affiliates can quickly become 'owners').
While it might be a slightly different data set than the AdWords keyword tool, and much faster data results, it seems to lack functionality of the other Google KW tools.
also, the average search numbers are off by significant amounts in some cases. for [cell phone plans] one tool gives 54,000 avg. searches and the other 246,000.
Unfortunately, I can't see what a 'connected account to domain' looks like because of some error they are looking into.
However, one of the features is matching keywords to landing pages. While an automated tool does have it's limitation - could be useful for starting large accounts.
I've spent a very little time with it, but I'm still waiting for the light bulb to go on over my head as to why I need this tool over the other one.
Oh wait, nobody actually searches for that term. And if I put it into google search, there are no ads!
And even if there were, those numbers are for bids on the search network no doubt. I'm guessing that anything that goes for $13/click is run by someone savvy enough to segment bids between content and search.
So I'm not sure how useful it is from a publisher perspective.
What is this "intelligent mapping" you speak of?
I mean that if you export a spreadsheet, you get keyword in one column, destination URL in another. For a site with, let's say, tens of thousands of products, which could potentially save a lot of time - depending entirely on the quality of the keyword suggestions, of course, but I wouldn't suggest using anything like this without some a good review of the data.