Actually, it does...always. However, you have to be absolutely sure you haven't changed the active template-otherwise it's not use the settings stored in the template. As long as you set your page setup and print delog correctly and hit save and then either make a new template or update the current one, you WILL be getting the correct settings. It should however be noted that there is an issue-and it's an Apple issue, that precludes Lightroom (or Aperture for that matter) from using Saved Presets from within the print dialog-meaning you will need to manually set all the driver options manually then save the settings.
Sorry to disagree with the Guru, but Actually, no it does not...assuming we are talking about the same "thing". In Lightroom Print module I can agree with you in regard to a template always saving the selections from the section "Print Job", i.e. Profile and Rendering Intent. But, if I select "Print Settings" to the left of the Print button I always have to select the appropriate Preset (other than Standard) to correspond again to any selections I have selected using the Print Settings... button in Lightroom. This is so even when I immediately select "Update With Current Selections" for the template in Template Browser.
Or saying it another way, no matter what I do in what order in Lightroom Print module, the Print Settings appropriate to my Epson R2400 are not saved with the selected template. And, maybe thats what you mean is Apple's issue.
By the way, thoroughly enjoy your Lightroom tutorials from Luminous Landscape. Can't wait for the update for Lightroom 1.1!