The token module provides a centralized API for using placeholders that are replaced with text. To get started, I suggest reading the documentation module and seeing a list of modules that use the token. Essentially, it accepts the token like [user-name]replacing it with enjoylife or whatever your username is.
You cannot use a token in representations per se. But you can use it in CCK, node body, node title, etc., which, in turn, can be used in Views.
One simple example of tokens is the Pathauto module - go to / admin / build / path / pathauto and check any "Node" suggestions.
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