Maybe it's just me opinion, but I believe that even with Lua, the existing templating system is not entirely obsolete. I'm sure ParserFunctions still has a legitimate purpose. For example, what about a template that's just a simple if statement (if this, else that). There's not really a need to make a Lua module for something that basic.
I'm 100% in agreement on this. I think that Lua will probably be used, and perhaps quite heavily, but only in the more advanced templates. Simple templates will probably continue to use the current standard template creation proccesses. Honestly I can't see why they wouldn't. Its a whole lot simplier for most people than learning Lua and most people don't need Lua, just some people.
Thank you, Derric Atzrott