I manage a product line where each product has different configurations. Currently I get around it by making different releases, but it really doesn't solve the problem because the different configurations have different requirements. So, being able to have the product tree extend one more level down would solve my problem.
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The best way to achieve this would be through the use of custom fields with releases and features. You can label your releases and features based on the configuration of your product - to allow you to view and report on the configurations.
At this time, we do not have plans to create additional layers in this area based on community feedback and current priorities but hope that the workaround can help. We hope you can understand.