This is nothing different from a document file, but you can work on it to publish on web directly as a web form template. This one is the latest feature of word. You have several integrated programs to improvise your templates in terms of visual appearance. You also have the option to work with the add_ons in MS word. If you work wisely, you can bring out a professional template all by yourself.
Moreover, you can also use Word templates for letterheads, invoices and even for monthly business reports. This is because it is integrated with other Microsoft Office programs such as excel. This way, you can import graphs and other objects necessary for completing a well formatted report. There really is a long list of uses for Microsoft Word. You will certainly find it useful whether you are a student, a professor, a businessman, a home maker or whoever you are from whatever industry.