I do like the new Start Menu and can see this module maturing over time and maybe turning into a Smart Menu :)
 
My first suggestions for tweaks:
 
1) Allow users to add folders for grouping Templates into categories
2) Hovering over a project or template would display user input project info
3) User added png/etc.  images for templates/songs
4) I know this may be reaching, but a search function for projects would be extra nice (tags?)
5) Sometime way in the future be able to play a snip from the master bus of a project (why not reach higher?)
 
 

I like 1-4 ...
 
For #5, if you're doing a custom png, why not an audio snippet as well?  That would be MUCH easier to implement I think.
 
I would also like to see template pinning

I like 1-4 as well.  I think it would take a while for #5 to mature (might cause the whole start menu to be useless). 
 
As BobF mentioned, pinning templates would be great as well (maybe with a custom png too?).

I like the template pinning idea as well!

After working with S-Plat tonight and the start menu, I realized it would be nice if you could move around/re-order the pinned items.  Seems like once they are pinned they can't move (at all).  Would be a nice adjustment I think?

Definitely agree on the pinning, custom icons and more info popup. Folders quite a nice option, but how about collapsible groups as an alternate model - then you can leave them all open to browse through, or collapse those ones you're not interested in.
 
Favoriting (pinning) would be great option - and you could also look at "most/recently used" as a way to surface the ones that people are using most for their workflows.

I like the most recently used idea.  That would work nicely, but with all that going on, should it be set up more like Windows Explorer?  You know, with folders that you can preview?  In WE, you can choose HOW you want to view the information such as thumbnails or detailed...
Maybe this is already the eventual progression?  I don't know..