Thanks for checking it out, glad you guys like it so far!
Soma what you described is quite similar to how this system works. It literally is creating a system template behind-the-scenes, and each repeatable element is a page. You can have as many repeatable fields, and repetitions of those repeatable fields, as you want. You can even stack them (repeaters in repeaters) though I don't think I'd want to.
The pages are hidden outside of the site structure, so you won't see where they are at first. Likewise, the templates are hidden as system templates, so you won't see them in your usual development. But if you want to put in a template file to provide the rendering capability for the items, you can... enabling you to do something like $building->render();
I'm working on a 'detach' capability that lets you move the repeater template and parent into your site structure, should you want to. But this 'detach' capability won't appear in the first version. The reality is, repeaters are more approachable if you don't have to see the technical details of how they work, right in your site structure. But the fact that they can be part of your site structure opens a lot of possibilities, so that's why I've already started work on making them detachable ... it'll make building large sites a lot easier if you can create 100 pages on 1 screen, for example.