Since it has a white mana symbol on the card, it has to be in a deck that has both white and blue in its color identity
Magic has a long history filled with tons of different artwork and art styles
If the copied creature is copying something else, then the token enters as whatever that creature copied, with the listed exceptions
Elspeth, Sun's Champion can also create an emblem, and this one is much stronger
Sure Revitalizing Repast doesn't offer hexproof like the premium versions, but that +1/+1 counter can mean a lot for many strategies like adapt, modified, and many outlast creatures (Abzan Battle Priest, Envoy of the Ancestors, and Mer-Ek Nightblade) #25
It's similar to Mental Misstep in some ways but different as well