What happens if you exile a token with Conjurer's Closet? My understanding is that the token disappearing is a state based action, which is only checked when the ability finishes resolving. Since the closet exiles and returns the token as part of the resolution of a single ability, state based actions are never checked and the token survives. Is this correct?
Edit: I just noticed that the closet specifically refers to "that card". Does that change the answer?