Request for Clarification on the Hard Spoon

As I understand it Eth balances will be replicated in Ethermint when Cosmos launches in December by way of a hard spoon. I just wanted to check that we will be able to use our new Ethermint coins completely independently of our Ether?

I was also wondering what the situation is regarding ERC20 coins. Presumably if e.g. Augur was to launch on Ethermint we would need to transfer our REP over from Ethereum (our REP balances will not have been replicated on Ethermint) to use the dapp?

Yes, it is indepedent of your ether

No, internal states of contracts are not copied as far as I understand

So are we saying that the below is true in the Ethermint Virtual Machine:

Ethermint Coin = Ether
Photon = use for paying transaction fee in cosmos network
Atom = user for staking

If so, is the Ethermint Coin a ghost coin where it holds no price value but act as placeholder for Ether while in the Cosmos Network?

Bumping this thread for RFI related to ON.Community stewarding spoon of OmiseGO ERC-20 tokens.