Only clear to those with a heavy UNIX background-- I understood and correctly interpreted it on first read, but the concept of a "regular file" is a bit in the wonk territory for most users, though the implication on symbolic links is a very practical one that surely lead to the removal (in the implementations where it was removed) of this option, since its very surprising that copying a directory heirarchy would cause symbolic links to become copies of what they linked to, instead of remaining symbolic links in the resulting directory.

I have no idea what that means, or what the consequences would be for choosing one or the other.

Nope. That variable name could mean anything