It's definitely an interesting idea... I could see something like this becoming supported in the browser, and may make sense as an extension to the web components api. It could also be useful as a webpack extension.
Definitely a cleaner approach to rendering than many template libraries. Would appreciate some cleaner examples, and perhaps a flushed out todo-mvc implementation to see a bit more of it.
I don't know that it would replace React + Redux as my preference (though I've now used preact on a few things), but it's nice to see creative options that aren't just re-hashes of what everyone else is doing with just a minor tweak.