i recently read a good article [”what you don't know about frontpage could hurt you”] (one that i had promised to write a long while back) which is basically part of the “templates 101” speech i give to people all the time with regard to sharepoint templates.
and then i also read a good rebuttal from dustinm to that same article.
both have excellent points and each should be thoroughly understood. after having come back from a large enterprise implementation of sharepoint which was heavily dependent on site definitions, etc, i side a bit more with the anti-frontpage editing for *some* situations (no bashing needed, i'm also currently on a project that is using 100% frontpage editing), especially those that rely on standard templating.
eiter way, both are a good read.