Happily stumbled upon this little video by @dassurma and @jaffathecake. Apparently there is a template instantiation proposal out there somewhere that would add lit-html / hyperHMTL - like functionality to the template element.
This would be huge if it made it into the platform. This would mean that Web Components would be complete because, as I outlined before, the only web standard missing for them to be useful out of the box is an API like lit-html that allows for their DOM to be rendered over and over again in an efficient way.
Here the (extremely short) video for your viewing pleasure: