Since the token shouldn't be really visible, having it in precog://username:password@analyticsServer?apiKey=apiKey&basePath=basepath format gives us little gain while making extracting the values a tad more complicated.
(or maybe I'm missing something... )
I agree if we could respond meaningfully to something like http//username:password@analyticsServer/basePath/<action>?apiKey=apiKey it will make more sense but right now we just need a way to encode/decode the parameters in one token