If Phyrexian Metamorph somehow enters at the same time as another permanent (due to Mass Polymorph or Liliana Vess's third ability, for example), Phyrexian Metamorph can't become a copy of that permanent. You may choose only a permanent that's already on the battlefield.
If the chosen creature is copying something else (for example, if the chosen creature is a Clone), then your Phyrexian Metamorph enters as whatever the chosen creature copied, except it's also an artifact.
You can choose not to copy anything. In that case, Phyrexian Metamorph simply enters as a 0/0 artifact creature and is put into its owner's graveyard as a state-based action (unless something else is raising its toughness).
Last observed on Scryfall 2 months ago at $14.49. Over the trailing 90 days the price moved between $5.38 and $14.94 across 49 observations. Cross-checked across TCGplayer, eBay sold, Cardmarket EU, and Star City.
This printing is one of 2 catalogued treatments from PNPH — the lineup includes Foil alongside the standard finish. Across our catalog the Rarix library tracks every variant in the same family so collectors can compare price, scarcity and demand inside a single lineage.
Card #42★ of *New Phyrexia Promos*, the promotional run that shipped alongside the May 2011 New Phyrexia release.
Card type: Artifact Creature — Phyrexian Shapeshifter, color identity blue, printed at rare. Rares occupy the bottom-of-pack rare slot in standard boosters. Mana cost: {3}{U/P} (4 converted).
Legal across the major constructed formats — Modern, Legacy, Vintage, and Commander — plus Standard rotation play.
EDHrec ranks this card #306 in Commander, putting it in the popular-include tier of the format's playable pool.
Illustrated by Jung Park. Rarix catalogs 370 other cards credited to this artist.
Magic: The Gathering · ™ & © Wizards of the Coast · Illus. Jung Park
Card data via Scryfall. Rarix is fan-made; not endorsed by the rights holders.
If the chosen permanent is a token, Phyrexian Metamorph copies the original characteristics of that token as stated by the effect that put the token onto the battlefield, except it's also an artifact. Phyrexian Metamorph is not a token.
If Phyrexian Metamorph copies a noncreature artifact, it is no longer a creature.
If the chosen permanent has {X} in its mana cost (such as Protean Hydra), X is considered to be zero.
Except for also being an artifact, Phyrexian Metamorph copies exactly what was printed on the original permanent and nothing more (unless that creature is itself copying something or is a token; see below). It doesn't copy whether that permanent is tapped or untapped, whether it has any counters on it or Auras attached to it, or any noncopy effects that have changed its power, toughness, types, color, and so on.
Any "enters" abilities of the copied permanent will trigger when Phyrexian Metamorph enters. Any "as [this] enters" or "[this] enters with" abilities of the chosen permanent will also work.
