\UrlLeft and \UrlRight can be used for the purpose of adding angle brackets, see section "6 Yet more flexibility" url's documentation. Example:
\documentclass{article}
\usepackage{url}
\DeclareUrlCommand\url{%
\def\UrlLeft{\langle}%
\def\UrlRight{\rangle}%
}
\begin{document}
\url{http://www.example.org/}
\end{document}

Remarks:
\langle and \rangle are used instead of the text mode commands, because the implicitly used math mode of \url.
Package hyperref
Command \url is redefined to add additional code needed by hyperref, thus it cannot be redefined directly. The old meaning is stored and uses as \Hurl, thus this is the macro that can be redefined:
\documentclass{article}
\usepackage[colorlinks]{hyperref}% loads package url
\DeclareUrlCommand\Hurl{%
\def\UrlLeft{\langle}%
\def\UrlRight{\rangle}%
}
\begin{document}
\url{http://www.example.org/}
\end{document}

The angle brackets are part of the link, but not part of the URL for the link.
If the brackets should not be colorized by option colorlinks, then the color could be reset to \normalcolor for the fences:
\documentclass{article}
\usepackage[colorlinks]{hyperref}% loads package url
\DeclareUrlCommand\Hurl{%
\def\UrlLeft{\begingroup\normalcolor\langle\endgroup}%
\def\UrlRight{\begingroup\normalcolor\rangle\endgroup}%
}
\begin{document}
\url{http://www.example.org/}
\end{document}

If the current color should be used instead of \normalcolor, then it becomes a little more complicate. Package xcolor has the concept of a current color . and this color can be saved via \colorlet and uses later inside the url command:
\documentclass{article}
\usepackage{xcolor}
\usepackage{letltxmacro}
\usepackage[colorlinks]{hyperref}% loads package url
\LetLtxMacro\OriginalUrl\url
\DeclareRobustCommand*{\url}{%
\colorlet{beforeurl}{.}%
\OriginalUrl
}
\DeclareUrlCommand\Hurl{%
\def\UrlLeft{\begingroup\color{beforeurl}\langle\endgroup}%
\def\UrlRight{\begingroup\color{beforeurl}\rangle\endgroup}%
}
\begin{document}
\color{blue}\url{http://www.example.org/}
\end{document}

\placeholdermight realistically be expected to look like. E.g., are you looking to typeset a URL string in a certain color, are you trying to "hide" the real URL string with a placeholder, or something else? – Mico Apr 05 '14 at 11:44Hello \texttt{\placeholder{name}}? – Apr 05 '14 at 11:58\placeholderis included in the MWE. It is exactly that which I expect it to look like; dark red text surrounded by < and >. For example, to signify thatdomainis a placeholder in the urlhttp://domain.com/I want it to look like this:http://<domain.com>/. – johnrl Apr 05 '14 at 11:59\expandafter\url{\placeholder{xx}}work? – hugovdberg Apr 05 '14 at 12:18\expandafter\url{\placeholder{xx}}-->\placeholder{xx}. – johnrl Apr 05 '14 at 12:38⟨domain⟩.com, butexample.(com|net|org). – Speravir Apr 05 '14 at 23:36urlwas not made for this use. You can add something in the beginning and end with\UrlLeftand\UrlRight, but not in between. So you must change to a different approach. – Speravir Apr 05 '14 at 23:43