Here's a link Pete sent me after I posted about the Designer download on alphaWorks.
I hadn't seen these before, but I can see that the only thing that's changed is the added deployment code to deploy to WAS CE. So, they are essentially demos of Lotus Component Designer. Early prototypes I saw also had just one installer that did everything - installed the server and Designer - in one step, to make it simple to get going quickly.
I think I'll download it myself and try it tonight!!
Link to Designer on WAS CE Flash Demos