This is the first stable release of the Token module for Drupal 7. I recognize that we still have a bit of work to go with regards to field tokens and performance/accessibility of the token browser, but I have decided that none of those issues are able to block a 1.0 release, so I just did it. Hopefully we'll get more momentum on solving those more difficult problems soon and fixed in minor 1.1 or 1.2 releases.
Changes since 7.x-1.0-rc1:
#1438512: Fixed extra closing brace in token_update_token_text().
#1512934: Added workaround for core bug #1477932 in which the cache_token table does not exist but drupal_flush_all_caches() is called.
#1515978: Added support for token replacement in block titles.
#1508404 by arpieb, jec006: Fixed token fields not rendered properly if replacement called from inside field_attach_view() and the fields' display were set to hidden.
Basic field tokens like [node:field_tags] or [node:field_image] are now fully-supported. Work continues to ensure that field tokens have complete test coverage, and to work on nested and more detailed field tokens.