Hmmmm... I'm not convinced.
The ultra light template approach seems like what I would do when I would first encounter the problem and I was trying to come up with a solution... given that I was living someplace with no internet access, no books, no nothing. And once "in the field", I bet the ultra light template approach would most certainly bite me in the back: rigid, repetitive, no reusability.
For starters, every serious developer's mantra is "keep your initialize data in an object". So
var firstName = 'Tal';
var screenName = 'ketacode'
At which point mustache, 4.7kb minified, dynamic views, sectioned templates, to name just a few, it's starting to make a whole lot of sense.