Is the front-page.php template reserved in wordpress twenty twelve theme?

I had the exact same problem and finally figured it out. You have to go into functions.php line 390 –

if ( is_page_template( 'page-templates/front-page.php' ) ) {

copy and paste this section of code and rename it to the file name you have chosen for your template.

Then you have to alter all the CSS that references .template-front-page to whatever you called your template. (I made it easy and just added to the file name – you could call it template-front-page-carousel for example)

A little tweaking here and there and two identical templates – no you can change the content to your needs.