Not considered a real Magic card, tokens are created by various effects that get you a permanent card that doesnt remain once it leaves the battlefield
Basically phase out means the creature and everything attached to it ceases to exist -- it doesn't change zones, it just goes poof , totally gone and can't be interacted with in any way, until it phases back in (exists again) at the beginning of its controller's next turn
Giving all permanents hexproof and indestructible is awesome in a format dominated by board wipes, but youre happy to use this against a single well-aimed piece of spot removal if the target is important enough
One key reason why Fabled will feature so many reprints is due to a change in the games Core Constructed competitive play rules
Planetarium of Wan Shi Tong is expensive, but it gives you a very interesting reward if youre manipulating the top card of your library
Then, if Squall gets into the red zone itself, the potential threat of two free permanents is enough to make it so that your opponent either answers it or falls too far behind