Wow. Pathauto finally made the move!
Token module was conceived when I was writing custom_breadcrumbs and custom_links, and wanted to generate the kind of simple [foo] and [bar] links that had been popularized by Pathauto. I was this close to listing pathauto as a dependency for both modules when I ran into greggles in #drupal and started chatting with him about the need for a centralized 'Just The Tokens' utility that many modules could benefit from.
With the current release of Token module, and the current release of Pathauto, quite a few modules can now plug into "the system."
Now, though, with more modules using the tokens in more scenarios, problems are beginning to appear that we didn't anticipate. Tokens, it appears, are not JUST about a snippet of text and a description. More information, like the current language. Metadata ABOUT tokens (like whether a given token is url-safe, html-safe, completely unfiltered, etc) and so on are all part of the mix. In addition, some ideas that have been kicked around include dynamic generation of tokens -- parsing the substitution text for tokens and replacing only the ones needed, rather than generating ALL tokens and looking to see if they appear. Indeed, the entire 'context' system that token currently uses may be unnecessarily limiting. Should tokens appear as [node:title] and [user:name] rather than simply [title] and [name]?
It's time to start brainstorming. How can token.module's relative simplicity be preserved while supporting the flexibility that more modules will want?

Comments
indeed - so many uses
Indeed, it's been quite a pleasure to replace the token parsing code from pathauto.
Here are the benefits to pathauto from the migration:
So...what isn't there to love about the concept of tokens?
The module is really easy to work with and a big part of my goal in discussing token so broadly is to get other developers to use the module. It will make your life better. Seriously!
One really good example of how to do this migration in the case of pathauto is the contrib/pathauto_node.inc. For most modules migrating to token, that example shows exactly what you need to do.
--
Knaddisons Denver Life | mmm Free Range Burritos
knaddison blog | Morris Animal Foundation
I caught wind of this module
I caught wind of this module somehow or another (I can't really remember) and switched to using it instead of a custom solution for tokens in Ubercart invoices. Our on-site invoices and e-mail notifications are now taking advantage of the module, and I'll include it wherever else possible. The changes won't be committed until the next release (alpha 6c?), and it was a lot of fun to put in!
I was glad to see token_replace_multiple() when browsing the code, as I was actually going in to see if token_replace() would have to be tweaked for multiple type replacements. Might wanna just put a mention of it into API.txt.
Many thanks, and I'd love to see Ubercart up on the module list in the project description. ; )
Wish I was in Boulder.
sure thing
Thanks for the feedback. I added the Ubercart link to the token project page.
You may want to mention token in a list of requirements as well...
About Boulder - it is a glorious place ;)
--
Knaddisons Denver Life | mmm Free Range Burritos
knaddison blog | Morris Animal Foundation
...
Yes.
Views does this and I personally find it (ooh nice word coming up!) disambiguating, and therefore useful.
Web Development in Nottingham, UK by Kineta Systems / Follow me on Twitter! @NikLP
Yes to namespaces and attributes
Something like this would make sense:
[namespace:tag_name attribute='value', attribute='value', etc.]
Token attribute support would be great.