It depends on your program and how much of the assets you want your Collaborators to customize. Each token will translate into a field on the end user form, where the Collaborator will enter a value to replace the token. If you want to keep a certain control on brand, or tone, you might want to keep certain sections of your email(s) and landing page(s) hard coded. Any information you want the Collaborator to provide should be tokenized. 

For example, headers and footers will most likely be hard coded in the templates but the body of the email, the title or the date and time of an event should be tokenized as this will most likely differ campaign to campaign. 

Note - it is not possible to use a token within a token. Therefore, if you want your email to start with a token such as {{lead.firstname}}, you will need to hard code the first line of the email directly in the template.