I don't know why there are two options
1.Making flashcards using flashcards template
2.Making flashcards using study sets
Instead you can combine both to make it best .Read following point to know how ...
1.There should be only one option to make flashcards (either by "Flashcard" / "Studyset" name )
2. In this we can make our flashcard with all those options that are present in making flashcard using flashcard template
a.Like editing image-by cropping it ,writing on it etc ,unlike studysets where we get only 3 options (text,image & sketching)

b.Could share only selected flashcards instead of sharing whole .

c.Page view to jump into selected flashcard

3.During practicing /smart learn
a. we should be able to edit a page directly from that window

b. scroll option to jump into specific flashcard

I think by taking features from both options flashcards will be improved.