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
This @LRRMtG game features the alternate face Commander for the Desert Bloom precon, and if you've been considering the cactus, it's one to watch
But Amareth, the Lustrous is much more than that, turning every permanent that enters the battlefield under your control into a potential draw effect
And if you dont have a haymaker in hand worth dropping, you can rebuy a couple permanents from your graveyard instead
This is one such build, and a comfortably affordable one to get a leg-up on where standard play is heading
Lets get this #MTGxTheHobbit Debut party started