Are you looking at the non-administration view of JIRA? The "Create project from templates" will appear under Projects for non-admin views:
If it's not working for you - can you email us at sales at wittified.com and we can dig into it more with you.<body></body>
Nic, that is the most common reason someone might not see the Create Project from Template link. Thanks for helping spread the word! As Daniel noted, right now, if you are in the Administration section you will only see links for plugin configuration. We only have the "Create Project from Template" link _outside_ the admin area.
So, my question to users is, would it be useful to have a link in the admin area as well so you don't have to click out? If so, we'll add that to our next release.