Parameter syntax:

'into'|'toOrInto'|'add'|'toOrAdd' | ('to'|'before'|'after' [ implicit_selection ]?) 
S '#template(' element_name ',' template_title ')'

This command is basically equivalent to the following macro-command:

<command name="pasteAs">
  <macro>
    <sequence>
      <command name="formatTextAs" parameter="%1" />
      <command name="paste" parameter="%0 %_" />
    </sequence>
  </macro>
</command>

See commands formatTextAs and paste.