What is the difference between an Editor and Copyeditor?

An editor looks for the strengths and weaknesses of a manuscript in terms of plot, theme, characterization, pace, setting and point of view.  Once the editor feels certain that the writer has addressed these areas to the best of his ability, the manuscript is ready of copyediting.

A copyeditor corrects grammar, punctuation and spelling. She also checks the facts (for example, is it really possible for a character to travel from Hong Kong to Venice in four hours?) and points out any of timeline, seasonal, narrative or character inconsistencies.