Three-line Template Engine in Javascript for quick substitution of object properties into a string

Basic Template Engine

/**
 * A mini "template engine".
 * Arguments:
 *	template - A string of looking like "Something {{variableName}} and {{nested.object.data}}"
 *	data 	 - A Javascript object with properties to substitute into the template
 *
 * Returns:
 *	A string with the variables substituted with the corresponding properties from the data
 */
var applyTemplate = function(template, data) {
    var re = /{{([^{}]+?)}}/g;;
    while (match = re.exec(template)) // "Compile" template to javascript
        template = template.replace("{{" + match[1] + "}}", "'+this." + match[1] + "+'");
    return (new Function("return '" + template + "';")).apply(data);
}

Example use

var template = 'Hello {{name}}! The weather is {{day.weatherStatus}} today. It is a {{day.weatherStatus}} {{day.weekday}}';
var data = {
    name: 'Anders',
    day: {
        weekday: 'Wednesday',
        weatherStatus: 'sunny'
    }
};

console.log(applyTemplate(template, data));

Mini test suite

/////// TEST SUPPORT

function log(msg) {
    console.log(msg);
}

function test(expected, actual) {
    try {
        return (new RegExp(expected)).test(actual) ? "PASS" : "FAIL";
    } catch(ex) {
        return "FAIL with error "+ex;  
    }
}

/////// TEST DATA
var template = 'Hello {{name}}! The weather is {{day.weatherStatus}} today. It is a {{day.weatherStatus}} {{day.weekday}}';
var data = {
    name: 'Anders',
    day: {
        weekday: 'Wednesday',
        weatherStatus: 'sunny'
    }
};

/////// TESTS

var expected = "Hello Anders! The weather is sunny today. It is a sunny Wednesday";
log("TEST basic substitution => " + test(expected, applyTemplate(template, data)));

log("TEST empty tag => " + test("", applyTemplate("{{}}", {})));

log("TEST missing property => " + test("undefined", applyTemplate("{{date}}", {})));