Understanding the default config spec
The default config spec defines a dynamic configuration which selects checked-out or the latest version of every element on the main branch throughout the entire source tree by any developer.
The following two lines are the default config spec rules:
element * CHECKEDOUT
element * /main/LATEST
The first rule selects the checked-out version of the element in your view.
The second rule selects the latest version of that element on the main branch.
If another team member checks in a new version of an element on the main branch, the new and latest version appears immediately if your view is a dynamic view, and you do not have the element checked out.
With a snapshot view, the new version on the main branch becomes visible when you update your view.