That is a nice and creative use of the feature! Yes that merge is in beta testing now, and will soon be released. It's format will be something like
##IF[ATTRIBUTE=FreeShipping]##
Free Shipping!!
##ENDIF##
And this can be placed on the product page in the header, footer, or using custom layout, or even in any product description field. It's probably better on the theme since that is globally applied though so you dont have to put it on each product.
Ed Sturrock
AmeriCommerce Product Manager