Several folks over at WebmasterWorld reported that AdWords was down or extremely slow this morning. First reports came a few hours ago, about 3 hours after those reports, AdWordsAdvisor confirmed the issue and said they are working on it.
Thanks everyone, for the info. Engineering has been all over this as you'd expect - and things should be returning to normal for you soon, if they have not already.
AdWords seems to be working ok for me at the moment.
Forum discussion at WebmasterWorld.