Text (GP): {3}: ~this~ becomes a copy of target artifact until end of turn. ; {1}{U}{R}: ~this~ becomes a copy of target artifact and gains this ability.
The first ability makes it lose both its copy abilities until end of turn and it simply is a copy of the artifact. [Guildpact FAQ 2005/12/22]
The second ability does not wear off at end of turn. It does lose the first ability by doing this, but it keeps the second ability so it can change what it copies. [Guildpact FAQ 2005/12/22]