questions about animated shield

[diplomancer]

"While holding this Shield, you can speak its Command Word as a Bonus Action to cause it to animate. The Shield leaps into the air and hovers in your space to protect you as if you were wielding it, leaving your hands free. The Shield remains animated for 1 minute, until you use a Bonus Action to end this effect, or until you are Incapacitated or die, at which point the Shield falls to the ground or into your hand if you have one free."

I have several questions about this item, what do you all think?

1- The description says "while holding this shield". Does this mean that you don't need to have donned it, since it says "holding", not "wielding"?
2- If you use it without proficiency, does it apply the same penalties as if you were wielding it? It looks like it says that "it protects you as if you were wielding it" but does not mention any other possible consequences of wielding it.
3- This one I am pretty sure the answer is "yes", but just for completion sake: Can you dual-wield or 2-hand fight and still have the benefits of the shield?
4- Can a monk or a bladesinger make use of it and still have the benefits of Unarmored Defense and Bladesong? This one I would be inclined to say no. Since it protects you as if you were wielding it, it should interfere with the AC calculation of those features.
5- Finally, when the effect ends, if you have a hand free, are you considered to be donning it or just holding it?
Considering that it is a very rare item, equivalent to a +3 shield and requiring attunement to boot, I would believe that it should be possible to make use of it without proficiency, without having to don it first, and still having all the use of both your hands.

[Smoothjedi]

"While holding this Shield, you can speak its Command Word as a Bonus Action to cause it to animate. The Shield leaps into the air and hovers in your space to protect you as if you were wielding it, leaving your hands free. The Shield remains animated for 1 minute, until you use a Bonus Action to end this effect, or until you are Incapacitated or die, at which point the Shield falls to the ground or into your hand if you have one free."

I have several questions about this item, what do you all think?

1- The description says "while holding the item". Does this mean that you don't need to have donned it, since it says "holding", not "wielding"?
2- If you use it without proficiency, does it apply the same penalties as if you were wielding it? It looks like it says that "it protects you as if you were wielding it" but does not mention any other possible consequences of wielding it.
3- This one I am pretty sure the answer is "yes", but just for completion sake: Can you dual-wield or 2-hand fight and still have the benefits of the shield?
4- Can a monk or a bladesinger make use of it and still have the benefits of Unarmored Defense and Bladesong? This one I would be inclined to say no. Since it protects you as if you were wielding it, it should interfere with the AC calculation of those features.
5- Finally, when the effect ends, if you have a hand free, are you considered to be donning it or just holding it?
Considering that it is a very rare item, equivalent to a +3 shield and requiring attunement to boot, I would believe that it should be possible to make use of it without proficiency, without having to don it first, and still having all the use of both your hands.

I'm no expert, but from my reading of the shield, and as you mentioned, the reason why its rarity is so high is because the answer to all your questions should be yes. Specifically:

1- Yes, this means you pick it up like any other object, say the word and it's now floating in front of you.
2- You aren't wielding the shield, so it shouldn't count against you for proficiency.
3- Yes, you can use a two handed weapon and use it.
4- Yes, you aren't technically wielding the shield, so it should stack with those class features.
5- You would be holding the shield just like you started, or it's on the ground in front of you.