I think Feature Templates are a great idea but not implemented in the best manner. It feels like the Organize Feature Template (OFT) should be where you want to handle all the template functions but it's not.
1) Add the 'Define New Types of Features' option to the OFT window a. Currently, this is only activated under the Layer Context menu when using categories symbology b. Add it to the OFT and only highlight it when you select a layer w/categories. Or.... c. For layers without categories add an additional dialogue that asks for the field to base the categories and then automatically apply a categories symbology when clicking 'Finish' d. Why isn't the <all Other Values> category available as a template? At least this way I could create a new feature and then just change the value in the Attribute Window.
2) Add Template Display Settings in the OTF with these options: a. Show templates regardless if the layer is on or off b. Show templates even when the features are out of the extent c. Show templates when ever else the default turns them off d. Add template automatically when new layer is added. Options: (Yes | No | Prompt: "would you like to create a template automatically?"|)
Feature Templates are very handy for existing features, but I found it very confusing and out right frustrating to deal with creating new features or working with Definition Queries (which I already posted about). To streamline the process to create new features and control template display I hope you consider the ideas above.