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We extend the description of gravitational waves emitted by binary blackholes during the final stages of inspiral and merger by introducing in thethird post-Newtonian (3PN) effective-one-body (EOB) templates seven new``flexibility'' parameters that affect the two-body dynamics and gravitationalradiation emission. The plausible ranges of these flexibility parameters,notably the parameter characterising the fourth post-Newtonian effects in thedynamics, are estimated. Using these estimates, we show that the currentlyavailable standard 3PN bank of EOB templates does ``span'' the space of signalsopened up by all the flexibility parameters, in that their maximized mutualoverlaps are larger than 96.5%. This confirms the effectualness of 3PN EOBtemplates for the detection of binary black holes in gravitational-wave datafrom interferometric detectors. The possibility to drastically reduce thenumber of EOB templates using a few ``universal'' phasing functions issuggested.Comment: 23 pages, 3 figures, 4 tables, with revtex4, Minor clarifications,  Final published versio

Gravitational waves from black hole binary inspiral and merger: The span of third post-Newtonian effective-one-body templates