Basically, the spell:
1. creates a copy of your currently equipped weapon in its original form
2. sets the type of the newly created card to "creature"
3. destroys your weapon (even invincible ones)
This means that cards who have a natural buff (like Morning Glory) keep it. And those that were buffed by Protect Artifact lose it.
After the spell action, flying weapons behave exactly like other creatures: they don't attack during sundial, their damage is reduced by shields and they cannot be targeted by spells that affect permanents.
The last important thing to know is that some weapons, like Fahrenheit and Gavel, have passive abilities that increase their damage. Those passive abilities are NOT affected by shields and will produce damage, even if the main attack is blocked. Many people find this strange but this is actually the same exact behavior for all passive abilities, like:
Rays of Light keep producing Light even if the damage from the creature is blocked
Elite Fireflies keep producing Fire, and so on...
So:
Are artifacts enchanted with flying weapon still affected by sundials or procrastination/ice/fire shields etc?
>> yes, yes/yes/yes
Can you steal or destroy(Pulverizer/Deflagration) animated weapons?
>> no, as they became creatures, but you can devour/congeal/rewind them
Can protected weapons (morning star/glory and protect artifact) be enchanted with flying weapon?
>> yes, but only Morning Star will be immaterial after that. Other weapons lose their protection because of rule 1.
Can I still use protect artifact on animated weapons?
>> no, PA works only on permanents
On a side note: The sundial prevents creatures from attacking for 2 turns, but I see opponent's creatures attacking while the sundial is in play(though it disappears immediately after the attack is over i.e. their turn completely ends). Is this intended?
>> just a small visual glitch. Sundial actually disappears just after you press Space bar but for some reason, the visual effect is launched after creature's attacks.
