How to set default compiler options for XE2?

I am unable to figure out how to change default build/compile settings. The little default checkbox in the lower left of the project options dialog is gone. The documentation states:

The Default checkbox that appeared at the lower edge of many Project Options pages has been removed from the product. If you want to specify options as the default for multiple projects, the suggested alternative is to use option sets instead.

I'm going round and round about "Options Sets", "Configuration Manager" etc.. Is this even possible? What does "specifying options as the default for multiple projects" mean? If I have multiple projects then that means those projects and their options exists, how can I set a default value to something already set? What about new projects?

That feature really has gone and there is nothing like it any more in the product, to the very best of my knowledge. I think the best you can do is as follows:

1. Create a new project.
2. Change the project settings to whatever you want them to be.
3. Change anything else in the default project that you don't like, for example { Private declarations }.
4. Add this project to the repository.
5. use File | New | Customize to move this project template onto the File | New menu for easy access.