Nope. Avoid. Switch to templates at the moment you think you need this kind of a solution. Use for example super comoact <a href="http://archan937.github.com/templayed.js/" rel="nofollow">http://archan937.github.com/templayed.js/</a>
Compared to almost full blown mustache implementation, pithy.js, surprise, is a bloat.
Sorry of being harsh, as a positive note, the code itself, in abstract way is my liking. Very good. May even steal some snippets.