Many customers have asked for templates functionality in work item to easily create workitems. Also, there is strong need to apply changes to many work items in a shot without having to export to excel. You can do all that with templates feature in Sept release of powertools now. See Gregg's post for indepth details on this feature & screenshots: http://blogs.msdn.com/teams_wit_tools/archive/2007/09/29/tfs-power-tools-release-work-item-templates-introduction.aspx.  Also see Brain's post here: http://blogs.msdn.com/bharry/archive/2007/09/29/september-tfs-power-tools-released.aspx. Bulk apply is the feature I use much and is a great addition. Download it soon from here