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TP4 comes in three varieties. You get the effect standalone and plug-in. Basically these are templates that you can use to get you going in the right direction. This is pretty huge, as any lower third presets you create in either Media Composer, or the standalone version will transfer over to the After Effects version with ease. To the right of that are the presets themselves. Once you choose a category, all the associated templates will be displayed. You can simply hover your mouse over any one of them to get a preview of exactly what the template looks like.