It doesn't copy whether that creature was tapped or untapped, whether it had any counters on it or Auras or Equipment attached to it, or any non-copy effects that had changed its power, toughness, types, color, or so on
The combination of all this works well enough, and Im in for some ninja action
Still, the exclusive nature of the BWR makes these cards highly desirable and likely to be one of the top collector items from modern sets for quite some time
they effectively only cost 1 mana since they recoup half the cost instantly
Card cycling is never a bad thing, on top of that this effect can trigger 2 of the major mechanics in the new set Madness (which lets you cast a spell for a different cost if it is discarded), and Delirium (which generates an effect based off card types in your graveyard)