It gives the user the ability to create custom tokens for specific replacements that can improve other modules relying on the Drupal 7 token API or, for Drupal 6, the Token module.
Versions 7.x-1.x and previours relied on PHP evaluation to build custom tokens.
The new 7.x-2.x relies on input filters. While still allowing for PHP tokens through the D7 core PHP filter module, administrators can permit only HTML or plain text custom tokens.
New features in version 7.x-2.0
Versions 7.x-1.x and previous
They are designed for developers with, at least, a little PHP knowledge. Custom tokens will evaluate and execute PHP snippets in order to provide the replacements for the tokens you define.
Dependencies (versions 5.x and 6.x):
Sponsored by (versions 5.x and 6.x):
Sponsored by (versions 8.x):
Drupal 8 dev version has been released, Supported by Drupal Geeks. Recommended release will be out soon.