Google announced this morning they are going to be redesigning the AdWords platform over the next 12-18 months. Of course, that may be extended if Google doesn't mean their timelines.
There isn't really any functionality changes happening to the core campaign and ad system. But the user interfaces are going to drastically change to be focused more around the campaigns you are running. Google said they want to make the interface (1) focused around how you run your business and not around the AdWords product, (2) show you the data you need to see and hide irrelevant data and (3) give you the powerful tools you need to manage the ads without the clutter. All of this will be done in Google's "Material Design" interface that you see in Google Maps, Gmail, search etc.
There is not beta period for this, at least yet. There is nothing to see but this screen shot below:
I am a bit surprised they announced it so early but I guess since they have so many advertisers on board, they want to say "I told you so" several times.
Ginny Marvin at Search Engine Land has a nice write up on what to expect.
Forum discussion at Twitter.