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For a long time and even up to now, Eclipse is still the dominant IDE in the market.
But this did not happened before Eclipse 3.0, which was released in 2004.
Installing into your local maven-repository means that maven downloads all dependencies from remote repositories into its local cache.
Furthermore Maven complies your local sourcecode and creates packages in your local maven-repository.
Take a look here (under "Installation of the service (CVS and maven instructions)").
After dowloading the files from the remote repository you can continue with loading the dependencies and optionally integrate you local copy into eclipse.
Few years ago, we had a mini IDE war inside our office.
Oh and how about these awesome graphic that our design team did for us – Jetpack for Eclipse, Whoooosh!
On that war, I am the Eclipse hardcore supporter and I had a hard time fighting Netbeans team.
Not as I expected, we end up on the defence side more often than attack.
You can get many commonly used Java libraries there.
However for our development we need our own repository.