What's the difference between a regular backup and a copy only backup?
If the database is set to SIMPLE recovery it won't make a difference if you use the copy_only option or not.
If the database is set to FULL or BULK_LOGGED then if you do a copy_only backup for a full database backup this will not interupt the backup chain for your differentials. If you do a copy_only backup for a transaction log backup this does not interupt your backup chaing for your transaction log backups. Doing a copy_only for differential backups does not make a difference.
If your database is in SIMPLE and you are doing full and differential backups a copy_only backup does not interupt the next differential. A differential backup is a backup of all extents that have changed since the last full backup.