There are a number of snippet packages that are available for emacs: snippet.el, smart-snippet, and the older skeleton and tempo packages that are a part of emacs. The snippet package was in the words of the developer:
A quick stab at providing a simple template facility like the one present in TextMate (an OSX editor).
The creator of smart-snippet, an extension to snippet.el, has now created the aptly titled yasnippet – Yet Another Snippet extension for emacs. It looks promising based on the screencast… I have not had a chance to play with it yet locally. The mirrored fields support looks cool though.