Some time ago I received from one of my co-players a questions regarding Inceptor, and therefore I checked the Usenet newsgroup for some answers and finally came up with the short "Questions and Answers" summary for the card. Most of the information is taken from the VtES Usenet Newsgroup "rec.games.trading-cards.jyhad".
Question: Can a vampire with Inceptor (and three cards on him) play cards using only the inferior level of the cards on this cards, or he can only use the superior level of them?
Answer: Yes, a vampire can play also the inferior level of the cards, since in general vampires with a superior Discipline can play also play a given card at the inferior Discipline level.
Question: Can the vampire with this card use dual discipline cards as if he had all the disciplines required by the card, at whatever level?
Answer: No, he can't. The vampire can only pretend to have (a.k.a. "fake) one discipline for a given card. Only if the vampire actually has one of the two disciplines, he can fake the other one via Inceptor.
Question: Can a vampire with Inceptor use a particular minion card if the card has another requirement beside a discipline, i.e. Anarch, Sect or Title, etc.?
Answer: The vampire can only play the cards on Inceptor, if he meets all the requirements. For example, he has to be Anarch in order to to play Hell-For-Leather or Laibon for playing Ancestor's Insight.
Question: If the card requires an Anarch ("anarch-three-way" cards), can the vampire with Inceptor use all three different effects?
Answer: Yes, he can. Inceptor does not restrict this in any way.
Question: Can a vampire with Inceptor play Keystone Kine using all three Disciplines (cel/nec/obf) at once?
Answer: No, he can't. As stated above, a vampire can only fake one discipline when playing a card granted by Inceptor.
Question: When I play Inceptor , can I use the card I have just replaced for Inceptor?
Answer: Yes, you can.