Hi sl6680 and again, welcome to cdf,
It's a little complicated to explain.
Here's the product (platinum) description and download link:
You can download the full retail version as a free 30 day trial...no obligation, it'll simply stop working after 30 days if you don't purchase it. This way, you can try it out, experiment with it, see for yourself whether or not it suits you.
Yes, it will remove all copy protection and make the disc region free...and yes, this would be permanent.
Copying on-the-fly (ie., disc to disc) predisposes burn errors. Ripping to the hdd first (like Fab) is preferable and allows for a more stable burn. This isn't to say that no one has success copying on-the-fly, but ripping to the hdd is just a safer - albeit longer method. Depending on how you set up the application, the temp files can be auto deleted with a completed burn. Platinum is a very powerful program and has lots of configurability as you'll discover.
Like I said, best to try it out for a while and if you have questions or problems, just post back.
Hope this helps.