This is actually pretty cool, one step closer to making Google Docs a worthy competitor to Office. If they combine this with an Access-type database app, it could be a great tool for businesses. Although using the interface builder brings back memories of VB...
I think that's the idea of Fusion Tables [1]. Since there is an API, I don't see why you couldn't combine it with Apps Script (what this editor is), if you wanted to. I don't think tight integration is there yet but the pieces seem to be in place. I think they just need to allow a script to be invoked from a Table.