This screencast shows the Relation select module, allowing the following:
- A new field, pretty similar to the Relation dummy field
- A new widget for creating relations from the field above, which is much more slick than the Relation dummy field
- Integration with Views, to allow using Views to select which entities to relate to
- The possibility to edit relation end points [sic!] using the widget above
- An administrative list of all relations on the site
The screencast also quickly shows some properties of EntityFieldQuery Views Backend, allowing you to list multiple entity types in one view. (Which, by the way, is a pretty cool feature.)
Not mentioned in this screencast: The Relation select widget only displays relations where the currently edited entity is the first end point.