Google announced a new keyword tool named the Keyword Planner.
The tool can be found under the Tools & Analysis tab when you are logged into your Google AdWords account. The tool combines the benefits of the Keyword Tool and the Traffic Estimator into an integrated workflow. The tool basically lets you find new keyword and ad group ideas, get performance estimates for them to find the bids and budgets, and then add them to your campaigns.
Here are some screen shots:
For more details on how to use this tool, see the help documents.
Forum discussion at Google+.