Not sure I value this templating system over others yet.
If you wanted to create a realtime twitter client, for example, done all on the client you'd need to fetch a collection of new tweets periodically and render them in JavaScript. Without a templating framework, you'd have to loop through the new tweets and construct the presentation using something like "innerHTML" or "document.createElement()". A templating system allows you to construct the layout of a single tweet in standard HTML, mix in a bit of the template's JS syntax, and then essentially "bind" the list of new tweets to the template and the markup is repeated for each new tweet.
Given that example, there are plenty of uses that follow the idea of replicating content over and over using the same template: Email clients, chat clients, news readers, blogs, photo galleries, classified listings, etc, etc.
Speed wise, I haven't benchmarked it, but it uses regex (admittedly not the best way) and jquery.append() to do the heavy-lifting, that combined with the fact it's doing very little, it should be very fast.
I'm working on making it parse the template first that way I can get rid of the regex, or at least minimize it's usage.