The 6-mana cost is steep, but its not a deterrent to the benefits for reanimator decks in Modern and eternal formats
Smeagol, Helpful Guide FromTheShire: His built in tempt is nice but slow, however if you can pack a bunch of effects to do so more rapidly this can provide some really powerful ramp
It's a kicker-like mechanic where you can pay a cost any number of times
Soothing of Smagol can be cast during the end step, causing your opponent to basically lose a turn while you get to start your turn with the benefits of the Ring
Prior to the rules change, the card was banned in the Vintage format, a feat unequaled even by the Power Nine
If the copied creature is copying something else, then the token enters as whatever that creature copied, with the stated exception