If a token is subject to an ability such as {restoration angel}, does it come back into play, or is it destroyed?
As soon as the token is blinked, it ceases to exist.
110.5e (http://imtgapp.com/forum/index.php?action=imtg;area=rule;number=110.5e): A token is subject to anything that affects permanents in general or that affects the token's card type or subtype. A token isn't a card (even if represented by a card that has a Magic back or that came from a Magic booster pack).
110.5f A token that's phased out, or that's in a zone other than the battlefield, ceases to exist. This is a state-based action; see rule 704. (Note that if a token changes zones, applicable triggered abilities will trigger before the token ceases to exist.)