With the Editor page, you or your developers create. It has beautiful syntax highlighting to make code easy to read and format. It has keyboard shortcuts so you can treat it the same as you would a traditional code editor. Work inside the website for rapid results.
Templates are wrappers for pages. A site can have one or many templates and they are edited inside Deepwater just like pages. No crazy templating engines installed unless you want to install them. Deepwater intentionally acts like a skeleton framework, so creators have maximum flexibility while still having enough to make things instantly.
Speaking of flexibility, the core text editor can be edited from within itself or editor-ception. Deepwater has mind-blowing power under the hood.