Panels "custom content" argument formatting
Just in case someone came here through a Google search, there is an answer to the specific question. 

You can specify the default formatting of tokens by going in the Content Type in question, then in "Manage Display" tab, at the bottom of the page under "Custom Display Settings" you will have to enable the "Tokens" display. 

The formatting that you choose for each field in this display will be used whenever you print the field through a token.

You could also use the Advanced Entity Tokens module, which allows you to specify a different view as an "extraction base" for your field formatters.

Edit:

Note that you can also create specific token formatters for profile2 entities by following the exact same method explained above. By default profile2 creates a single Display but there is still a Custom Display Settings option at the bottom of the page where you can enable the Tokens display and specify the formatters that you want to use for your Profile2 tokens wherever you use them (including Panels).