Vesicle-templated polymerization has developed into a mature research area over the last 35 years. The main purpose of this approach was to produce hollow polymeric nanocapsules from low-cost chemicals, utilizing a simple emulsion-polymerization-like process. Over the years, understanding of the different varieties of the approach has grown. In retrospect, the characterization methods utilized to determine the morphologies are essential to draw the right conclusions. In this Review, first, an overview of the earlier attempts to produce nanocapsules with uniformous wall thickness will be given, looking at the results with the current understandings, greatly enhanced by quantification of the different morphologies through cryo-TEM images. The latest approach, reactive oligomer assisted transcriptive synthesis, seems to be able to fulfill the initial purpose and almost 100% of nanocapsule morphologies can be formed under the right conditions.