It doesn't copy whether that Equipment is tapped or untapped, whether it has any counters on it or any Auras or Equipment attached to it, or any non-copy effects that have changed its types, color, power and toughness, and so on
A 20/20 Walking Ballista to win without attacking, or a very large Hangarback Walker you can sacrifice at the end step of your opponents next turn to make an army of Thopters that cant be answered without Engineered Explosives or a similar card are somewhat common occurrences once you get going
This seems to be a pretty desirable treatment, way more-so than the 'sewer frame border' treatment, which seems to be a complete dud
Green How do I recur creatures in Green
SR Super Rare Black Return X TRAP When exactly 1 "Blackwing" monster (and no other monster) is Special Summoned: Target 1 face-up monster your opponent controls