Thanks Russell, that helps as the documentation is a bit sparse to date.
I'm starting by creating dummy templates and testing to learn how things work. One thing that I found out is that if you add a new editable region to the parent template, it is not propagated to the sibling pages.
So while the ties to the Theme are pretty cool you do have to realize that the parent is in stone and will need to be removed and re-set to each page using the parent template.
Is the idea to use a plugin as the editable region in this case? Or just something to be aware of when using this extension in a new site?