All I can do here is sigh. Here's the state of things as of this writing (Mid May, 2013) and it could change in the coming weeks and/or months.
The Application Builder does not ship with device templates. Templates, instead, are shipped with the device SDK. Yes, this is different than in the past. It means that to do any device development, you'll need an SDK.
Windows Embedded Compact 2013 is currently not publicly available, so no one can currently ship an SDK. The net effect of this is that, for now, for the general public, the Application Builder install is completely useless.
Once WEC 2013 is public, I don't believe Microsoft will be shipping any "generic" SDKs. I very likely will. Once we have SDKs in the wild, you'll have templates and be able to build projects.