What adwords editor? Do you mean the tool that edits the Adsense code? You arent supposed to edit their code on your own.
no.. there are no alternative to editor ... I mean the free version of it.. there are softwares such as Atlas One point which are the paid versions of editor...
Adwords editor is probably the best free ppc tool ever made. I've built tools on my site that allow members to build campaigns, (large campaigns), in about 2 minutes using the editor for upload. (My record upload was over 61,000 keywords...LOL) I wish the other ppc engines would develop anything even close to this.
I agree its great and of course its free, which is never a bad thing. I had some grief with the v4 to v5 update and v5 under WINE is poor so am casting an eye around to see what else is out there.