Since ron_jeremy described it as a tool for helping users adhere to a specified format, I envision it as something like an extension that would replace the post composer with a form to be filled in whenever a specific tag is selected.
As Franz mentioned, he recently brought up a sample of an interface for canned moderator replies, which is basically a template with blanks that can be filled in; as with a form, the Tab key is used to move from one blank to the next. That sort of mechanism could also be used for the purpose described by ron_jeremy
It might be a good idea to generalize the templating mechanism, and allow admins to make it available to different users/groups for different applications. I'd also want this feature, since our current esoTalk forums make heavy use of templates that users must copy and paste manually. I'd love to be able to automate that for them.