On July 22 Google AdWords will have a significant change which will apply to everyone’s AdWords campaigns. The change is called Enhanced Campaigns. They have been available if you wanted to choose them since February 2013. However on July 22, 2013 they will be mandatory. Here is the current state of campaigns and the enhanced in a nutshell:
Currently, and soon to be in the past, you would create separate campaigns for the various locations, devices and time of day. However now you will be able to manage all of these various items in one single campaign.
Here are two articles I found useful:
Best Practices for Google Enhanced PPC Campaigns
Here is the Official Google Enhanced Campaigns Page:
You can download a Google whitepaper which explains the enhanced campaigns and how to use them, I recommend it highly: Learn More and Download the Whitepaper from Google Here.