Microscopic JavaScript template system

LousyTemp.js

function LousyTemp(text) {
  var code = '%>' + text + '<%';
  code = code
    .replace(/[\n\r\t]/g," ")
    .replace(/(["'])/g, '\\$1')
    .replace(/<%=(.*?)%>/g, "', $1, '")
    .replace(/%>(.*?)<%/g, "_t_.push('$1'); ");
  code = "obj||(obj={}); var _t_ = []; with(obj) {" + code + "}; return _t_.join('');";
  return new Function('obj', code);
}

/** Example:

var temp = LousyTemp('<h1 id="<%= id %>"> <% if (cond) { %> TRUE COND <% } else { %> FALSE COND <% } %> </h1>');
console.log(temp({cond: false, id: "Test"});
// -> <h1 id="Test">  FALSE COND  </h1>
console.log(temp({cond: true, id: "AnotherTest"});
// -> <h1 id="AnotherTest">  TRUE COND  </h1>

**/