How and why should I use the 'In-App Purchase Content' template within Xcode?
In-App Purchasing Resources
I know this is an old question but I am providing an answer because the information is still relevant and still difficult to locate. The template does allow one to submit content that will be stored on the Apple app store. There is no Apple documentation on it's use but Techotopia has a nice tutorial for using this template. Apple has a technical note on adding in-app purchases. The in-app programming guide is also available.
You can have Apple host your In-app purchase content for you. The template uses a new target for In App Purchase content which you can use to validate/submit said content to the store via the Organizer.