Mathematica Graph Editor?

I've got Mathematica 8 and I'm trying to use GraphEdit[] but I am finding it extremely annoying. For one thing, I can't figure out how to use its output to feed back to itself.

For instance, I create a simple graph using GraphEdit[] and get back this:

{ -Graphics-, "Graph" -> {1 -> 1, 
1 -> 2}, "Coordinates" -> {{196, 694}, {329, 
696}}, "VertexLabels" -> {"First Edge", "Second Edge"}}

But when I try feeding this output back to GraphEdit in various ways, the only thing that works is if I strip off the Coordinates and VertexLabels and pass the "Graph" value as the only parameter. Everything else bring up an empty graph. Stripping off the coordinates and vertex labels renders the graph useless to me.

I realize that GraphEdit[] is using a different format than the new Version 8 Graph[] function, and maybe isn't completely compatible with the old Combinatorica but I would expect the output to be easily massaged to pass back in to itself! The docs aren't particularly helpful and don't give any examples on how to pass a graph that includes coordinate and vertex info. Is there something obvious (or not so obvious) that I am missing? Is GraphEdit[] a useless toy?

Or, is there something new in Version 8 that will allow me to edit graphs? I have to admit that the GraphEdit[] interface is a bit limited and I would like something better that I at least have control optimizing the interface, but it is still better than nothing.

In Mathematica version 8 new Graph[] and related functionality can be edited from the right-click menu. An example is image below. But this is only for the formatting. If you really need to add remove vertices via GUI you have to use GraphEdit[]. It cannot take vertex coordinates specification though. I personally would do it all programmatically with new V8 Graph functionality - there are a lot of goodies packed in it.

CompleteGraph[10]