Is there a module for repeated content? I recently faced a need of reusing some content, creating content templates (not in the usual meaning of the word). 

I have content that is created periodically, a product for instance, which differs from another by one or two fields, all of the rest stays the same, so I thought of reusing content.
Have you ever seen a module that would accomplish that?
If you are talking about the actual content then check out the replicate and the replicate ui modules. They allow you to duplicate any entity. Much more powerful than the node clone module which only supports nodes. 

If you are talking about cloning the content type or product type then look at the bundle copy module.