I was really excited by this description, but the reality didn't quite live up to it. The main change I see as needed is the ability to edit templates once I've created them. Manually editing then saving then deleting them is not ideal.
So far, I like the update, but it doesn't make sense that you can't easily update a template as if it were a note. Typically templates evolve and change over time. Right now, as far as I can tell, to edit a template you need to create it as a note, make the changes, save it as a template, and delete the old version...