We study the properties of a refined weak coupling limit that preserves complete positivity in order to describe non-Markovian dynamics in the spin-boson model. With this tool, we show the system presents a rich and new non-Markovian phenomenology. This implies a dynamical difference between entanglement and coherence: the latter undergoes revivals whereas the former not, despite the induced dynamics is fully incoherent. In addition, the evolution presents "quasi-eternal" nonMarkovianity, becoming non-divisible at any time period where the system evolves qualitatively. Furthermore, the method allows for an exact derivation of a master equation that accounts for a reversible energy exchange between system and environment. Specifically, this is obtained in the form of a time-dependent Lamb shift term.