m2eclipse 0.10.0 has a new view which allows you to manage Maven repositories.
This Maven repositories view allows you to:
1. Manage local repositories
2. Manage global repositories
3. Inspecting and opening a POM from the repository browser
4. Modify the indexing settings - Enable full index or min index
5. Materialize projects from a repository (Assuming that they have the appropriate meta-data)
Important note: If you need to search for dependencies by class name, you will need to select Enable Full Index for the Central repository.