The token copies exactly what was printed on the original creature and nothing else (unless that creature is copying something else or is a token; see below), with the listed exceptions. It doesn't copy whether that creature is tapped or untapped, whether it has any counters on it or Auras and Equipment attached to it, or any non-copy effects that have changed its power, toughness, types, color, or so on.

If the copied creature has {X} in its mana cost, X is considered to be 0.

Any enters abilities of the copied creature will trigger when the token enters. Any "as [this creature] enters" or "[this creature] enters with" abilities of the targetted creature will also work.

If the copied creature is copying something else (for example, if the copied creature is an Evil Twin), then the token enters as whatever that creature copied, with the listed exceptions.

If the copied creature is a token, the token that's created copies the original characteristics of that token as stated by the effect that created the token, with the listed exceptions.