One other thing I wanted to ask was what would you think if tokens could be spent retroactively 1-for-1 for everything? The main problem I see with this is that it could lead to a loop of someone increasing their attack by 1, other person dodging (speed token) for one, etc. I don't know how this would be avoided; maybe each party could only pledge tokens as a single immediate action after the dice is rolled, so no back-and-forth could occur.
The reason I was thinking of going this route is that many times, a token will be wasted when declaring attacks. If you spend 3 tokens to gain a +3 to hit, and you roll a natural 19, then you didn't need those tokens to hit in the first place, and could have spent them on damage; alternatively, if you rolled a 2, you probably missed and wasted the tokens. Each token you spend to increase your to-hit will be wasted 95% of the time (or, the only time X tokens would matter would be if you missed your roll by X).
I have yet to run a battle with the token system, but in your experience, do players often spend tokens to hit other than when they want to apply a feat?
I think with weapons, I'm going to divide things as follows:
Bludgeoning: spend 1 power token to unbalance enemy or knock him into an adjacent square.
Slashing: spend 1 power token to attack 2 adjacent enemies in your reach (same attack and damage roll for each).
Piercing: Spend 1 power token to roll an extra damage dice.
Another random idea: Shields are widely regarded as not worth it compared to wielding 2 handed weapons, so what if in addition to the AC bonus, shields either negated or forced a re-roll on any damage dice that come up as maximum?
Finally, you should post EG on the Giant in the Playground forums, I think you'd be well received and get a lot of good feedback.
EDIT: And some more questions. You gain a speed token any time you move in combat, even if you're not in a threatened square, right? So if you're not threatened, you can theoretically Refocus, Move, and Total Defense to gain 6 speed tokens in a turn, right?
Also, the unbalanced condition is a bit strange - if you're forcing someone to take a move action, they can just step backward and step forward to negate the unbalancedness. Why not force them to take a 5 foot step instead?