Timely Reinforcements can give its controller six life, put three 1/1 soldier tokens into play or both of those effects depending on what the game looks like when it resolves. If the controller of Timely Reinforcements has a life total that is less than any opponent in the game, then this player will gain six life. If the player that cast Timely Reinforcements has fewer creatures than any opponent in the game, then this player will put the three token creatures into play.
The check to see what the game state looks like is made when Timely Reinforcements resolves. As Timely Reinforcements is a spell that uses the stack, it can be responded to the game state can be changed before it resolves. For example, if the controller of Timely Reinforcements has two creatures and his opponent has three, this opponent can respond by playing and resolving Doom Blade killing one of his own creatures in order to prevent the controller of Timely Reinforcements from getting the three soldier tokens. Similarly, if the controller of Timely Reinforcements has a life total of 10 and his opponent has a life total of 12, this opponent can either play and resolve Shock targeting himself or Rest for the Weary targeting the controller of Timely Reinforcements to keep this player from gaining six life.