where is the default template?

This is no longer true in Cubase 7. The "Open the On Startup” pop-up menu in preferences is gone from Cubase 7, even though it’s still shown in the manual. (open last file, default, etc.)

Therefore, it does look like there is no advantage to editing the Default.cpr or saving a template with that name on Mac, since you would have to select it in the Project Manager to load it anyway.