How can I create a Template? What are Templates used for?

I finally tried out this feature and was surprised to see that changes done to a Template are not reflected in the Objects created based on it.

If I create a Book Template and create a few book Objects based on it, I would then expect to have the option to edit the Template so that the changes are reflected in all Objects I has already created.

From what I understand, currently once I decide on a layout for a certain Type, I need to either stick to it for life, or manually reapply it to all existing objects whenever I want to tweak it. This seems very clunky… Unless I’m missing something!

Any plans on implementing the option of allowing changes to a Template to be automatically applied to Objects using it?

(I read a discussion related to this last week in the forum but couldn’t find it to link here… If anyone remembers where it is please let me know!)