The reason I need to do these different types of templates is that I am creating a silo structure on my site.
For Pages - I do not want any sidebars because I want the reader to focus mainly on that Page.
For Posts - I want the sidebars since they are link rich which is good for the search engines.
At this time, I have to set the default layout to have sidebars and suppress the sidebars in the Page Meta. This is not do-able if the site grows to thousands of pages.
Most legacy themes had this differentiation between page layouts from post layouts.
I want some templates that are full width and some templates with sidebars. I am trying to get at least the posts to have sidebars like this: http://demos.offlinebusinessthemes.com/mortgage/sidebar-no-footer/ and the pages to full width like this: http://demos.offlinebusinessthemes.com/mortgage/full-page-with-spotlight/ and some pages without the spotlight like this: http://demos.offlinebusinessthemes.com/mortgage/full-page/