The Taxonomy Token module is similar to the Category Tokens module. Here is an attempt to outline it's differences.
Taxonomy Token uses the vocabulary id (number) to identify the vocabulary in the token name. For example [node:vocab:1:term] is the top term name in vocabulary with id 1. This method guarantees that token names remain constant even in case some vocabulary name is edited.
Category Tokens used a simplified version of the vocabulary name. For example [first-term-name-in-office-position-or-title] would result in the same info as above if the vocabulary with id 1 is named "Office, position or title". This method provides more readable token names.
Taxonomy Tokens allows the user to set one of the following token type options per taxonomy:
With these options the performance impact of the module can be reduced to the minimum necessary to achieve the desired results by enabling token generation only for the pertinent taxonomies.
Category Tokens has no similar configuration options.