Inchblade Companion is one of those cards players keep asking about. Here is, in plain words, what its official text says, the rulings published by Wizards of the Coast, and the combos players actually run.

Official card text

Equipped creature gets +1/+1. Whenever Inchblade Companion becomes attached to a creature, create a token that's a copy of Inchblade Companion, except it doesn't have this ability. This ability triggers only once each turn. Reconfigure (: Attach to target creature you control; or unattach from a creature. Reconfigure only as a sorcery. While attached, this isn't a creature.)