The above image contains the new (WIP) V-Script tool. It's much like the old script tool, working with Nodes similar to many other node-based frameworks out there. However, this new tool is build from the ground up and should end up with a much cleaner structure and higher flexibility. It will include Xbox 360 support, something that the old wasn't designed for.
As you can see above, I have most of the basics worked out. A cool feature that I added today is auto-alignment, this basically structures the connectors automatically and re-sizes the Node if necessary. The old system required you to manually place all connectors, which proved to be a pain for the more complex script-nodes that were added late in development.
One last thing you can see is the new menu inside the XNA Game Window. There aren't captured by Fraps, so you couldn't see them in my last video while it was already implemented back then. It's still only a small proof of concept, it's a context-based menu that changes depending on what you've selected and/or are working on (particles, scripts, object-placement etc.) note that the gray bottom-bar (that is currently empty) will include info about the editor and gizmo properties etc.