I looked through the code and found the variables:
'%username%' => $user->user_login,
'%name%' => $user->display_name,
'%blogname%' => get_bloginfo('name'),
'%blogurl%' => get_bloginfo('url'),
'%approval_url%' => get_bloginfo('url') . '/wp-admin/options-general.php?page=' . dirname(plugin_basename(__FILE__)) . '/absolute_privacy.php&mode=moderate&id='.$user_id
As an example here is the old approval notification:
Your registration with %blogname% has been approved!
Your may login using the following information:
Username: %username%
Password: (hidden)
URL: %blogurl%/wp-login.php'
