(just imagine that instead of <nowiki />, the template had foo there: it would become a part of the first paragraph of the page).
Excellent example, I was going to raise that case myself. It's a pretty simple and obvious thing we might do at any time. We expect (and need) to be able to edit the plaintext after the template. Any editor that can't edit plaintext is clearly broken, regardless of explanations for why it is broken.