The token you create copies the original characteristics of the permanent as printed on the card or, for a token, as stated by the effect that created that token (unless it's copying something else
They merely convert, which, in terms of in-game rules for MTG, is being treated as exactly the same thing
Whenever a player attacks one of your opponents, that attacking player creates a tapped 2/1 white and black Inkling creature token with flying that's attacking that opponent
All this is to say, while people with big Reserved List collections will lose some value if the foil loophole is reinstated on the Gaea's Cradles and Gilded Drakes of the world, the impact is likely overblown, as the most expensive cards on the Reserved List are expensive because they are extremely rare and collectible, not because they haven't been reprinted
The cards within are also rather weak, or perhaps I should say basic