Up until yesterday, the tool would return your combined keyword list in broad match, as well as any other match type you selected.
While setting up a new Adwords campaign last week, I already had my full list of broad match phrases, and I simply wanted to get the “exact match” and “modified broad match” versions of the list.
I copied my entire list into the first box, added no variations, then made my match type selections and pushed the button. I got back my combined list just like always, but it dawned on me that the tool would be far more useful if the broad match combination were REMOVED by default, so a change was made.
The default behavior of the tool is now to combine all the phrases, add exact match and modified broad match, but leave out the full broad match list. We did add a box to “retain broad match” if that’s what you really want to do, and overall, I do think it’s a pretty slick improvement.