The Elder Dragon is played in a variety of Commander decks, like the other Elder Dragons, and is the least valuable dragon from the CLB cycle
Number 3 We're entering into the "let's get aggressive" phase of this list, and you have to admit, Gisela is a big helper in that
The token created by the second ability will be a copy of whatever card is exiled with Mimic Vat at the time the ability resolves
But with flash you can also just drop your hand EOT and then untap and swing with your newly minted stuff or keep it from a round of targeted removal or after someone casts a mass removal spell
Emblem for Garruk, Apex Predator Emblem for Vivien Reid Tokens created by Tarmogoyf Nest and Disa the Restless (Tarmogoyf) notably have the mana cost of the original card
And Standard is full of ways to make tokens, like job select in Final Fantasy, offspring in Bloomburrow, and mobilizing in Tarkir: Dragonstorm