If you can surround it with a high enough density of instants and sorceries, it ought to be very strong, but you need to build around it to an extent
If the card copied by the token had any "when [this permanent] enters" abilities, then the token also has those abilities and they'll trigger when it enters
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I dont think this red spirit will see a lot of maindeck play, but it could end up pretty happily in sideboards
We tried out a four-player, free-for-all game and it was interesting to race to 20 Lore against multiple opponents, but in the end it wasnt as fun as a normal game
I expect either/both to be more than $10 by July 4