Thank you very much for your great explanation and quick response.
Your example worked partially because did not copy built name value from editor pane to main grid by "Update" button click. My guess was that we should have notified Kendo about changed input text box value using trigger("change") to fire Change event. Doing this I was able to copy the value from editor to main grid: please look at this example http://dojo.telerik.com/@iakhmedov1/uDoDI
However, this approach did not work for kendoMaskedTextBox which I added to the grid to programmatically set the value when first name is changed by user. Phone value was set in the editor pane, but was not copied to the grid with Update button hit. You can see in my example that trigger("change") did not fire Change event for kendoMaskedTextBox. What could I miss and how it can be fixed?