I think it would be a great idea to have a template when creating products. Here is why.
I for example will be having MANY MANY products. Say I have a thousand products already created and I decide to add a new color. Right now I would have to go into every product and add the color.
If there were a template the product would be attached to, I could just add the color to the template and it would change all of the products using that template.
This would be a life saver.