<script id="parent-tmpl" type="text/x-jquery-tmpl">
    <div id="parent">
        <p>{{= value}}</p>
        {{tmpl "#child"}}
    </div>
</script>

<script id="child" type="text/x-jquery-tmpl">
    <div class="stuff">
    </div>
</script>

<script id="item" type="text/x-jquery-tmpl">
    <p>{{= another_value}}</p>
</script>

<script type="text/javascript">
    // Change the value
    var tmpl_item = jQuery("#parent").tmplItem();
    tmpl_item.data.value = "new value";
    tmpl_item.update();
    // #parent-tmpl > div.stuff will now be empty!
</script>