this card is unique and the ability has been proven to have relevance. copying an opponent's planeswalker or blightsteel has an intrigue to it. The card is versitile and 4 cc cards have a couple of slots in your 75. Is that enough for vintage?
It deserves a discussion.
metamorph used to see a lot more play because of the legend rule. It was a way to deal with your opponents threats directly, now you see them fewer and fewer in lists. Its been reduced to a 1 of in forgemaster lists and only played in multiples when a MUD player wants more sphere effects. I doubt it would be played at all if it couldn't be cast with mishra's workshop. This card doesn't have that flexibility.
Is playing a card to copy your opponent's best threat a good line of play? it seems like they had access to it first, so they should still hold an advantage.
playing a second copy of your planeswalker is generally bad, but still an option, which is good.
what creature would you want to copy with this? maybe against shops its trades 1 for 1, but i doubt you would ever want a 4 mana young pyromancer. it's a nice trump card to an opposing blightsteel, but it still needs to be protected.
I just don't see it. In what situation is this a better card than Metamorph?
(1) When you need to copy an Enchantment
Uh... so like, what, you're facing off against someone who has resolved Necropotence? I guess? This seems narrow and worse than just having a counterspell to stop that thing from resolving anyway. In fact, in general, it's creatures that can be uncounterable in Vintage, not enchantments, so you are almost always better off with a Mana Drain than a Clone.
(2) When your opponent is packing Steel Sabotage or Annul.
Okay, I grant you this card is better in this limited circumstance. Score one for blue shops!
(3) When you need to copy a Planeswalker.
This card costs 2UU. Jace costs 2UU. Why would you play this instead of a good Walker again...?
(4) Versatility
Sure, you can argue that 1 + 2 + 3 above give this card an edge in versatility over Metamorph. But it's really, really limited. When you consider that Morph can be played off a MIshra's Workshop and this cannot... I think the balance is pretty skewed.