One user, steliosp's in a thread in Digital Point noticed recently that after running a few AdWords reports they can directly be exported into a Google spreadsheet.

Though many appreciate the tool and feel MS Office will now be redundant, Urban Kudos:

"While this is a nice gimmick for some, the reality is that its actually a useless tool. The purpose of extracting the AdWords data is to manipulate and analyse trends. And currently Google spreadsheet is still far behind on these functionality compared with excel or OO."

Thread at Digital forums.

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