this is a IVE side log entry and I have a 4500 running 6.5R1. The user that is generating this log message has a WSAM connection active.
This issue will be fixed in 7.0R1
This is regression problem. When access to the sharepoint server 2007 explorer view, it pops up a message with "Access Denied" and user access logs "User has exceeded the limit of AppLaunchTokens". After the user responds with clicking on OK button, the explorer view displays properly.
Right now 7.0 is set for Q2, with no firm date on its release.