not sure whether it's worth learning about or using
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brande - From my review of the policy, it sounds very similar to what has been available through auction management sites for years. Personally I think eBay is just playing catch-up with this new function.
I won't be using it, since I use Auctiva and they provide the same thing -- an ability to create "boilerplate" business terms, shipping information, policies, etc. without needing to rewrite them for each listing. The aspect I like about Auctiva is that you can crate and save different sets of business terms and just select the right one for the item when preparing a listing.
I see you use Sellathon, and it looks from your listings as if they have the same sort of freature. I'm not sure what the advantage would be in using eBay's, or in fact if they might even conflict.