It looks like Red/White Tokens has gotten an upgrade with this new devil from Dark Ascenion:
A replacement for Instigator Gang in Red/White Tokens. Sure, Instigator Gang gives the hope of flipping and giving +3/+0 to all of your flying spirit tokens, but unflipped, Hellrider is superior. Hellrider is a certainty while a flipped Instigator Gang is a hope. An unflipped Instigator Gang gives the potential of dealing an additional damage while Hellrider deals that additional damage immediately.
Depending on how strong Black/White Tokens and Heartless Lich decks end up being, I think Hellrider will see some play in Innistrad Block Constructed.
As of right now, without further testing, I'm sure you could take your standard Red/White Tokens deck, replace Instigator Gang with Hellrider, and the deck would work just fine. If you're thinking about Standard or Modern (formats which I know little about), I would think there are better alternatives to the Hellrider -- most notably, something like Koth of the Hammer or Hero of Oxid Ridge -- and I doubt Hellrider will see much play in those formats.