Save as template is a great new advanced desing feature in the latest release of Office Live Small Business. We've been asking for templates for a long time and finally Microsoft obliged. Without a doubt, it's a great first step.
The problem, however, is that the templates aren't much use. Wait! Before you send me hate mail, hear me out.
The biggest reason that templates don't measure up is that you can't reapply templates. Let me explain. Let's say you painstakingly bulild a web page and save it as a template called My Page Template. Then you go ahead and create 20 web pages using My Page Template. You're proud of your creation and pause for a moment to admire it in your browser. OOPS! you notice that you missed a minor detail. No problem, right? All you need to do is go fix your template and all your pages would reflect the change.
But there's a tiny little problem with your scheme - you can't alter templates. The Template Gallery is merely a place where you can change a template's properties or delete it altogehter. But there's no way to edit a template and reapply it. At least not that I can see. In other words, you've got to open each of your 20 pages and fix your goof-up manually.
This greatly diminishes the utility of a template. Of course, it's better than nothing, but not the feature I'd hoped it would be.