A Drupal 7 development release is available. Everything should work the same as the D6 version except that tokens now use the new chained tokens syntax as specified in the D7 native tokens API.
The Tokenize Request Parameters module is intended to provide means to display parameters that are passed to a page either in the URL (GET method) or from a form post (POST method). In cases where you might direct your users to a third party transaction site, such as a payment processor or other transactional service and want to be able to display transactional data passed back from that third party site (e.g. a confirmation number, order number, final price etc.) back to your user then Tokenize Request Parameters will allow you to display that information anywhere within your pages.