This is pretty minor, but should probably be addressed.
When creating a new Live Template, the focus of the cursor should be set to the abbreviation text box. Currently it's not clear where the focus is set (it's not a textBox or checkBox) and you need to tab several times to get to the abbreviation textBox.
Same for editing an existing item. I'd like to see the focus set to the 'Template text' textBox.
As a side note, Live Template UI is a HUGE improvement over 1.5x. Great Job!!!