I hope nobody minds; I've taken out the stuff on parsing, and focused more on the tokenizing end of things. There are other excellent pages on parsing and compiling, and I felt it would be better to let the reader walk over to those concepts.
I've expanded out the content, too: Less density of jargon, and giving the reader a little more time to think. Again, I hope nobody minds.
There is a link here from Identifier, but this article is too narrow for the meaning of 'token' used there. Of course, this article is about token (parser) not about token. But, if someone wants to do some work here, then the redirect from here should be for Token (parser) and Token should be removed until someone writes a more general article on token.