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Official Tools
So far in end of July 2007 BIS has only released TexView2 tool for ArmA. TexView2 is util to open and save texture images. It will include Pal2PacE util to convert textures.
Community Tools
ArmAUnBIN by feersum.endjinn
ArmAUnPBO by feersum.endjinn
Eliteness by Mikero
You can still use old O2 and WrpTool to edit content. Kegetys released paa plugin for Adobe Photoshop so textures can be edited and saved.
cpbo: Extracts and creates PBO files. Run from windows explorer to associate it with directories and PBO files, after which you can extract PBO files by double clicking, and create PBO files by right clicking a directory. Also can be used from console. The PBO path prefix is saved to and read from a special file called $PBOPREFIX$ in the directory.
unRap: “Decodes” raP encoded files, such as config.bin and rvmat files. Run the exe from windows explorer and select the file(s) you want to decode, or use from console. unRap overwrites all files it needs without asking, so be careful when working with original game files.
Go to Kegetys ArmA homepage for download.