The token copies exactly what was printed on the original Equipment, with the listed exception (unless that Equipment is copying something else; see below). 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.

If the copied Equipment has {X} in its mana cost, X is 0.

If the Equipment copied by the token had any "when [this permanent] enters" abilities, the token also has those abilities, and they'll trigger when it's created. Similarly, any "as [this permanent] enters" or "[this permanent] enters with" abilities that the token has copied will also work.

If the copied Equipment is copying something else, then the token enters as whatever that Equipment copied, with the listed exception.