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The Oracle Virtual Assembly Builder (OVAB) product is not a replacement for the Oracle Template Builder (OTB) tool. They both have different purposes.
OTB can be used to create a VM template with any arbitrary set of packages you want installed along with the linux distribution. But, once you create a VM instance from that template, you have to manually configure the contents of that template.
Alternatively, OVAB creates a specialized VM template that is constructed and configured to run a single instance of a particular product component that you have selected to be packaged into that appliance. Currently the list of supported products include WebLogic Server, Coherence, HTTP Server, and Database. The differentiation between OVAB and OTB is that as part of creating the VM template, OVAB extracts properties specific to the product that's packaged into that template, and then allows for those properties to be dynamically specified and automatically configured when that VM template is instantiated.
So OVAB and OTB are created with different uses in mind. OVAB is specialized for creating appliances containing specific products, while OTB is intended for creating VM templates containing arbitrary s/w packages.