Okay it is official and it has gone live with bugs - so the Microsoft way continues (I was losing faith).
They have given a bunch of links to explain things so here goes:
Getting Started lays things out simply.
Targeting offers the promised demographic options - well actually this combines location choice, dayparting options of days to run and times to run and also the gender/age selector.
Analytics gives some decent overviews and was written by someone that understood analytics.