In the anime, its equipped to Pegasus Illusionist Faceless Mage and, after attacking Dark Magician, takes control of the creature the following standby phase
The buff stays behind and it's also a cheap noncreature spell for Black/Red and and an Equipment for Red/White
In theory, yes, as any MTG card should have the same pattern that's been used by WotC since Alpha
This is very much a net positive, as tokens with evasion are able to end games through combat much more easily than those without, and best of all, Thalisse doesnt care what type of tokens you created earlier in the turn
decks which, in their prime, were almost unstoppable - and changed the TCG forever
While most Urza cards function well with Artifacts, Urzas Incubator is the most broadly useful Urza-related card in MTG and will see use in a huge variety of decks once Modern Horizons 3 launches on June 14