@hzeigler Our intention is to make this thing as backwards compatible as we can possibly make it, such that no content is "lost" when the Elementary setting is toggled on or off. The experiences will be different, and we're intentionally stripping stuff out of the "normal" Canvas experience to make something that's simpler to use, but we don't want two modes of Canvas that are incompatible with each other. Long story short: Course copy should work just fine.
Here's an example: In normal Canvas, a teacher uses modules and assignment groups and pages and he makes all of those items available in course nav. When that course goes to "Canvas for Elementary" mode, modules are the only way students are consuming the course content, so the teacher would need to make sure the content he wants visible to students is available through modules. Nothing is lost, and nothing will break, but some things may not be visible in this new mode, and that may require some rethinking around optimal course design.
Hope that makes sense! If it doesn't, it should make more sense when you play with it.