It won't copy any counters or stickers on that creature or any effects that have changed its power, toughness, types, color, and so on, and a creature becoming a copy doesn't remove any such counters or effects that are already applying to it
Lets take a look at its use, history, and eventual fate
Since all Modern cards should pass through Standard at a given point, WotC was having trouble feeding the format with new cards or reprints, since cards like Tarmogoyf and Cryptic Command would be too powerful for Standard (were talking about the 2013 MTG era, keep in mind)
Then, the more you play, you slowly start to discover other resources and concepts as well
So, a Ruby/Sapphire card that provides an ink ramp (a Sapphire hallmark) can be placed in a Ruby deck, providing more options and versatility