Yes, it returns as a fragile spirit, so its better to follow this spell with a proper Omniscience from your hand to ensure the cheating process gets going
Pongo would still have Evasive, just not two instances of it
It does grant evasion as well, mind you, and it Equips for cheap if youre targeting a legend
If your friends are a little like mine, theyll have more than one EDH deck
I understand that this can be played in a two-player game, but note that in the original text it said "all players except caster." Pluralizing "players" while excepting the caster in the rules text makes this card explicitly acknowledge the existence of more than two players being possible in a game of Magic
In the vast majority of formats, if you play Emrakul, the World Anew, you just win