Jordi Boggiano has blogged about a new PHP5 templating engine called Dwoo that's just been released for download.
Early this year I wanted to rebuild my template engine to have something stronger to work with, so I started thinking about it and then asked myself why I didn't use one of the available engines out there. The fact is that - and I guess I will lose many of my few readers here - I am not fond of using php itself as a template engine (with Savant or similar).
Features of the templating engine include a striking similarity to Smarty's methods, the fact that its code is scope aware, it has template inheritance and comes with a plugin system that can be extended as you see fit.
You can get complete information about the engine from the Dwoo homepage.