MESSAGE = Thank you for registration, %s! Now you can <_a href="%s">login<_a>.and then while displaying this message substitute necessary strings instead of %s.
I'm using tag _a here because blogger parser thinks it's a link in spite of pre.
So. Joomla does allow this but only for language files. To parse this message you should write
JText::sprintf('MESSAGE', $username, $url)The first parameter is property name. The second parameter $username goes for first %s, $url goes for second %s and so on.