use Text::ParseWords qw( shellwords );
$line = q{Token1 Token2 "Little phrase" Token4};
@array = shellwords( $line );
print join( "\n", @array ), "\n";
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And that has the advantage of Text::ParseWords being core. If you don't mind fetching from CPAN, c.f. Text::Balanced and Regexp::Common.

Update: Of course I just now noticed that merlyn had mentioned Text::ParseWords above. /me should read the whole thread more carefully.