I have a workflow that checks to see what forms a new employee has not submitted and then sends them a reminder email with links to the missing forms.  I've done this by :

1. Creating a multi-value token
2. Populating it with the html formatted URL's for each missing form
3. Adding the token to the email body and having it separate each value with a line break

This process works fine for collecting and placing the links into the email however it shows the full html formatting instead of what I want displayed (e.g. <a href="http://www.google.com">Google</a>  instead of just Google).  If I copy the exact same link directly into the email body then it posts it correctly.  It appears that Workflow builds the full email (including HTML) before bringing in the tokens and thus any formatting the tokens provide is ignored.  Has anyone found a way of displaying dynamic links sent via an email activity, that include proper HTML formatting?