After I spent quite a night, trying all the above answers, I realized, for some unexpected reason, regexps did not work at all with my simple templates. They returned junk or partial information. So I decided to go by erasing all the content between tags instead of counting tags ^_^.
I mean, if a template is 'AAA {{BB}} CC {{DD}} {{BB}} SS', I just add '}}' in the beginning of the template and '{{ in the end.... and all the content between }} and  {{ I'll just strip out, adding comma in between =>}}{{BB,}}{{DD,}}{{BB,}}{{. Then - just erase }} and {{.
It took me about 15 min to write and test.... but with regexps I've spent about 5 hrs with no success.  
/**
 * deletes ALL the string contents between all the designated characters
 * @param $start - pattern start 
 * @param $end   - pattern end
 * @param $string - input string, 
 * @return mixed - string
 */
 function auxDeleteAllBetween($start, $end, $string) {
    // it helps to assembte comma dilimited strings
    $string = strtr($start. $string . $end, array($start => ','.$start, $end => chr(2)));
    $startPos  = 0;
    $endPos = strlen($string);
    while( $startPos !== false && $endPos !== false){
        $startPos = strpos($string, $start);
        $endPos = strpos($string, $end);
        if ($startPos === false || $endPos === false) {
            return $string;
        }
        $textToDelete = substr($string, $startPos, ($endPos + strlen($end)) - $startPos);
        $string = str_replace($textToDelete, '', $string);
    }
    return $string;
}
/**
 * This function is intended to replace
 * //preg_match_all('/\{\%\s*([^\%\}]*)\s*\%\}|\{\{\s*([^\}\}]*)\s*\}\}/i', 
 * which did not give intended results for some reason.
 *
 * @param $inputTpl
 * @return array
 */
private function auxGetAllTags($inputTpl){
   $inputTpl = strtr($inputTpl, array('}}' => ','.chr(1), '{{' => chr(2)));
   return explode(',',$this->auxDeleteAllBetween(chr(1),chr(2),$inputTpl));
}
$template = '<style>
td{border-bottom:1px solid #eee;}</style>
<p>Dear {{jedi}},<br>New {{padawan}} is waiting for your approval: </p>
<table border="0">
<tbody><tr><td><strong>Register as</strong></td><td>{{register_as}}, user-{{level}}</td></tr>
<tr><td><strong>Name</strong></td><td>{{first_name}} {{last_name}}</td></tr>...';
print_r($this->auxGetAllTags($template));
Hope it'll help somebody :)