A common request in Manage has been to filter out paused and deleted entities (campaigns, adgroups, keywords, creative etc) to only look at enabled entities.
You'll now find a new section in the "Options" sidebar of Manage called "Filter Rows by Status" where you can either show all entities or just enabled ones.
"Show all" is useful when you want to understand how the account performed in a given time range in the past. Questions like "How much budget have we spent this month?", "How many conversions did we get last week?" are easily answered using the "Show all" mode.
"Show enabled only" will de-clutter the table and help you focus your attention on entities that are actively spending budget and impacting your account performance right now.
Note that the "show enabled only" mode recalculates all of your stats from the keyword level, bubbling up. In this mode, a paused keyword won't contribute to the cost of its parent adgroup and campaign.
This means that this mode is also helpful to estimate results moving forward. For example, if you just paused a bunch of poorly performing keywords, "show enabled only" can be a quick hack to simulate roughly how the account would have performed without those keywords.