Again a nice move google people, I have been using similar feature from other services where you do changes on your control panel but effects you can see live on the place where the code is placed.
Google people said that this feature is not yet available but shall be available soon. It means, if you need to modify colours of a ad unit then simply goto your adsense control panel and then Adsense Setup –> Manage Ads.
Here is a picture from Adsense blog :
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