Last october, Google released a new campaign type for Google Product Listing Ads (PLAs) named Google Shopping Campaigns. Now, Google Shopping Campaigns is available to all advertisers - worldwide.
What is Google Shopping Campaigns? In short, it is a new campaign type for Product Listing ads that helps you organize your campaigns as you would the product in your store. Google says this new method will help you "manage and bid on your products, report on your performance, and find opportunities to grow your traffic."
Currently there is no API support but Google promised that "API support and a bid simulator are coming soon."
Here is a short video on how to set it up:
Here is their promo video from October:
Forum discussion at WebmasterWorld.