You are raising good points. Some of them are related to features not implemented yet and some are related to the way Android works.
Views like EditText and Button (and others) have a default background which is made of several layers and images. It is not possible to just change the button color for example and get a similar looking button but with a different color.
This is why the round corners get lost when you change the color.
I may change the color implementation (which now doesn't do much, and just switches to ColorDrawable) to be a bit more complex and add round corners.
You can add new lines (in the multiline field) in the designer by pressing Ctrl + Enter.
EditText will include another property named InputType which will affect the virtual keyboard (hide it, show it in numberic mode...). The user can hide it by pressing on the "back" key. This is the key right to the "menu" key in the emulator.
The user can scroll the EditText with his finger by sliding it up or down. There are no "regular" scroll bars.
The drawable property will be added to Label, CheckBox and RadioButton (for EditText a simple drawable is not really useful).
Default horizontal text alignment is CENTER_HORIZONTAL
I find that for these Views a default LEFT alignment would be more useful.
Good point. Will be changed.
Label doesn't need a SingleLine property because it just shows the text you entered. When you change the SingleLine property of an EditText it causes several behavioral changes.
You can set the caret position by changing the SelectionStart property (not sure if it will also scroll the view).
About the Button.Pressed. The Button drawable is a StateListDrawable. StateListDrawable is a drawable that holds other drawables and selects which one to display based on the current state.
Buttons have three states: Enabled, Pressed and Disabled. The designer Pressed property allows you see how the Pressed drawable looks like.
Currently it lacks a description which should specify that this is a designer only property.
Also note that Activity.FullScreen and Activity.IncludeTitle are designer only properties (for technical reasons). You can change these properties under IDE menu - Project - Activity properties.