Wizards gave a little screen shot preview today of what the Monster Builder will look like. The Monster Builder is the first of a set of tools in the Adventure Tools series. These tools will be available as part of the Dungeons & Dragons Insider subscription.
The UI looks a bit cluttered, but it would appear that you can easily search for monsters, edit what you find, and create brand new creatures. You can also build new creatures and “if you saw a power you liked on another monster, you can drag and drop it into your monster.” One of my hardest things is coming up with new powers, and I would much rather borrow and edit.
The product looks promising, cannot wait to get my hands on it. I don’t see any indication of a release date, only that more previews will be coming as the release gets closer.