I'm all for the wizards notion. My fear is that the templates would be too restrictive as well (not enough options). Of course, the same could be said of wizards so...

All-in-all either would be fine by me but give me options and a preview page! The last step should be "Go Live" or something along those lines. Maybe it's WordPress I'm thinking off...? I remember when creating a webpage was as simple as a drag-and-drop. Ah the days of Tripod.