It will copy your card over, but saves will still be on the card.
Its one time use because once you transfer your saves, there wont be anything new to transfer.
Any saves from then on will be put on this virtual memory card.

 

I passed on the PS3 preorder for two Wii preorders one for me and one to sell.

 

ok so teh nintendo wii isnt all that bad of a system. its like $250???

 

pass on ps3, bought a 360!