I think the build mode has now ported most features from python Object Edit tool and it combines your inventory and other build tools into one work space. There are still bugs but you can already do some interesting things with it. We are trying to move to using entity components to add features into world objects. I've made a video that shows you some components as light and web content on a object and also other stuff like how to use URLs from web or from your webdav inventory as your 3D models, textures and sounds.
Here is the youtube link, I recommend wathing it in HD and full screen so you can actually see what I'm doing with the UI. http://www.youtube.com/watch?v=ifJtJreQIZg
When my mouse is out I'm copying URLs from my text editor. Most urls are from my public dropbox, that I found to be a very interesting build tool where you keep your assets. When you update your mesh there, everyone will get the latest (if they clear their Naali asset cache first for that mesh, we are looking into how to automaticly do this via timestamp or something similar). You can too build with my meshes/textures as they are public with dropbox:
The things you see in the video will be available in the Naali 0.3.1 release that we are going to make next week. Please let me know what you think and what central things you might be missing.
P.S. Seems like youtube didn't like my music choices and has desided to block the video for Germany. Here is the direct link to download the video for our German fans and others too: