I have not used Adwords for a long time though I have been a happy user about 3 years back. Adwords has always been good and has become even better in 2010. Here are the ten innovations that made Adwords better in 2010 as per Google Adwords blog.
AdWords Campaign Experiments
AdWords Campaign Experiments is a tool that allows you to accurately test and measure changes to your keywords, bids, ad groups and placements.
Adwords Campaign Experiments allows you to test and measure changes in real-time by executing your experimental campaign alongside your original campaign, a kind of split test of evaluate the performance.It helps you to better optimize your account by providing you information on keywords, bids, ad groups and placements impact your campaign performance.
Search funnels is a feature that provides you with data on how your keywords converted. This video explains it better
This feature helps you to help you understand how users search for your products before converting.
You can highlight your most relevant products with pictures and prices directly on the search results page with Product Listing Ads and Product Extensions.
These are 3 of 10 innovations listed on the blog. To read the complete list go to Adwords Blog.