I'm not exactly sure what the "blanket" myth is in brewing terms, but CO2 is definitely more dense than Oxygen. not a lot, somewhere around 1.4 times if I remember correctly from college.
The big thing is, any messing with it, lifting the lid, sloshing it around, disturbs those molecules and mixes them back up. We aren't talking differences like mercury and water, it's a slight difference. If you don't disturb it at all, it's very likely that the CO2 will settle below the "air".
The reason we don't all die from CO2 poisoning, is that it's close enough in density, that convection currents, wind, just basic movement will keep everything mixed up. But CO2s density can kill people, just look up Lake Nyos in Cameroon and see what a CO2 "blanket" can do on a large scale.
Sorry, my post sounded kind of dicky, that's not what I meant it to be. I just started rambling. I am intersted in what the "blanket" myth is for brewing though. Is it that CO2 is heavier, therefore always settles on the beer, even if no source of CO2 is present, because yeah, once it's disturbed, it's gone and you've just got regular air in there.