I have used the editor on a number of occasions and it is quite a useful utility.
The EIIIX connects, via any drive's that you have connected to the EIII on the SCSI port and also via a MIDI interface. The requirements are not too high, and the sofware will happily run on a 68030 mac.
The sofware, although it doesn't give any waveform editing, does allow you to operate the EIII without touching the front panel. It also allows you to automate procedures (like disk copying) when used with quickkeys software. Another useful tool is that you can catalogue any library you have so that you can search the database for sounds, and the software then prompts you which disk to insert.
I hope this has been of some help, and by the way, I am currently trying to track down a copy of it at the moment. If you can find it please let me know