I am not Max, I do not write the editor, I do not know.
But I can guess:
QUOTE(Skjalg @ Aug 19 2008, 02:25 AM)

- be color customizable?
Yes - depending on what you mean by "color customizable".
If you mean giving different groups of brushes different colors - Definitely.
If you mean giving buttons and menus different colors - I am not sure.
I think the UI is done with wxWidgets, which in turns uses the native controls of your desktop environment. So I would expect the editor to follow whatever theme you are using.
QUOTE(Skjalg @ Aug 19 2008, 02:25 AM)

- have customable toolbars (drag and drop and move around)?
Nope - But I don't know.
I think this is the kind of chrome you can get away with when the editor itself is the goal, but Max has an engine to code as well.
QUOTE(Skjalg @ Aug 19 2008, 02:25 AM)

- HAVE A VERTEX TOOL?
Yes.
QUOTE(Skjalg @ Aug 19 2008, 02:25 AM)

- auto update when you guys release a new version?
Nope - Again, chrome. This editor will presumably have a fairly small, fairly adept audience, easily capable of keeping software up to date themselves. The additional code needed to have the editor auto update (and the servers needed to make it happen) simply won't make enough of a difference to enough people to be worth the trouble.
QUOTE(Skjalg @ Aug 19 2008, 02:25 AM)

- feature modding of the editor itself?
Nope. The source code might be released at some point, but any modular structure would probably arise from Max's coding style - not because the editor is designed with this property in mind.
QUOTE(Skjalg @ Aug 19 2008, 02:25 AM)

- be a separate tool from decoda or will you merge the two?
Two separate programs.
The two domains in question (Lua code and map data) have nothing in common, so merging the two programs would make no sense.