When Momentary Blink resolves, the creature is exiled, then immediately returned to the battlefield. The game sees the returning card as a different permanent from the one that left the battlefield. Any counters, Auras, and so on are removed. Any spells or abilities targeting the creature no longer target it.
Any "as this enters the battlefield" choices for the affected creature are made by its owner, not its old controller.
If Momentary Blink is cast on a token creature, the token will not return to the battlefield, because of the rule that says a token that leaves the battlefield can't come back.