Yes, the custom landing page should operate just like a normal CMS page with all the dynamic attributes such as product page including the images, description etc.
The landing page would be best used when it would be used for A/B Split Tests or Multivariate Testing (Google Web Optimizer)
We should have the option of creating multiple landing pages with different template design for a single Product.
For e.g.
We want to test out the best landing page for "Product A".
We should create multiple pages each with its own template design so that the best landing page could be determined from the tests.
Here are the research on A/B Split tests:
1). A/B Split Testing — How to use A/B Split Testing to Increase Conversion Rates, Challenge Assumptions and Solve Problems
http://www.marketingexperiments.com/improving-website-conversion/ab-split-testing.html
2). Multivariable Testing — How testing multiple changes simultaneously can save you time, speed up your optimization schedule, and increase your profits.
http://www.marketingexperiments.com/improving-website-conversion/multivariable-testing.html