I spent an entire day trying to find this silly thing last week on the web and I had absolutely no luck. Today, while cleaning out my email, I found a message I sent to a collegue with a link to this product! I should search my email before wasting time searching the internet. :-)

Anyway, I'll post a link to it here so that others (hopefully) will not waste time searching. Collutions needs to do some SEO on their site. I didn't use the phrase Multiple Templatesat all when searching the web. I used phrases like multiple content types and New Item Menu Flyout.

Multiple Templates WebPart (2007) http://www.collutions.com/Lists/Solutions/DispForm.aspx?ID=17

Allowing for central management of document templates, the Multiple Templates Web Part simplifies the process of creating new template-based documents in a SharePoint (MOSS or WSS 3.0)Document Library.
 
All templates are stored in a categorized template repository and made available on the New button of a Document Library view.