Text (SM): 4/4, Flying. ; Other creatures are 1/1.
This doesn't cause creatures to lose any abilities. It just alters power and toughness. [Shadowmoor FAQ 2008/04/21]
Setting power/toughness to 1/1 overrides most other power/toughness setting effects, except: ones that alter or set power/toughness and are applied after this resolves; counters that alter power toughness (even if they are played before this resolves); static abilities that change power/toughness such as Glorious Anthem (even if they were played before this resolves); and effects that switch power/toughness. [Shadowmoor FAQ 2008/04/21]
Does not make itself 1/1, but if you have two of these they can make each other 1/1. [D'Angelo 2008/05/17]