UT Editor
The editor isn't that hard to use you can either work in Subtractive space like previous Unreal games or Additive space which is new for UT3.
Subtractive
it's like having a solid cube a clay and carving out little rooms and tunnels to run around in, and adding geometry and nicknacks to add ambience.
Additive
The world is empty and you add walls, platforms, and stuff to create areas to run around in.
As far as how easy it is to learn, it's pretty easy (at least previous tech was--i haven't used the UT3 editor yet) or it can be wildly complex depending on how advanced you are.
As a minimum, creating a couple of rooms with a few lights and weapons can be done in a couple of minutes. If you want to get crazy with terrains, skies, particle emitters, and more... that will add to your learning curve.
There are a bunch of tutorials out there, including video tutorials to help get a handle on it.
From what I gather if you buy the highest-end version of UT3 on the PC it comes with a ton of video training.
There's a book on UE2 editing which I think will mostly be relevant--at least as far as geometry and texture placement is concerned.