http://news.cheapflights.com/airline...m_to_welc.html
They will be an associate member. I am not sure how this will affect EQM, etc.

Here is another article:
http://www.copaair.com/nuestraempres...cia.aspx?ID=91
As a SkyTeam Associate, Copa Airlines will work with the SkyTeam partners to implement all necessary alliance standards and requirements. Upon completion of this task, Copa Airlines will receive formal approval from the SkyTeam Governing Board, becoming an official SkyTeam Associate member.
Once in SkyTeam, Copa Airlines’ passengers will have access to a wide variety of additional perks and benefits. Passengers will be able to earn the miles of their choice on any SkyTeam flight and use their miles for reward travel to over 500 travel destinations worldwide on any SkyTeam partner. They will also have access to SkyTeam VIP lounges where applicable. Additionally, with a single check-in process, Copa passengers will have access to a vast network of global flights, more fare options, seamless connectivity between carriers, and unified customer service under the SkyTeam banner.
Looks like they are trying to make the move to a full member.