Giving feedback on submissions is fast and easy. The best place to start is the post with the milestone, inside your course page. Click on Submissions and you get a list of all submissions for this milestone. As a staff member, you can click on a submission and comment on it to provide feedback. You can also view all milestone submissions of a simple project by going to the project page directly.
If there is a peer feedback procedure in place, making submissions visible to other students allows students to comment in a similar fashion on each other's assignments.
Attaching files to comments
It is now possible to add attachments to comments. So if you would like to work with feedback templates, this is not a problem :D