So a colleague asked where's the save site to a template located. I told him to check out the Site Settings page. NO joy! Here's a quick work around. Visit the site you want to save as a site template. URL should look like http://servername/sites/sitename/default.aspx. Replace default.aspx with _layouts/savetmpl.aspx. Now you should see the Save Site as Template page.
HTH.
It's all about WSS and MOSS!