There is a very useful and informative document posted on the Autodesk Website that goes into great detail about how properties work in Vault 2011 (and later).
AUTODESK® VAULT 2011
PROPERTIES INTRODUCTION AND OVERVIEW
Concepts and common administrative tasks are described in this paper. This paper is not a comprehensive description - complete details are available through Vault 2011 Help. Most of the features described are in all Vault 2011 products. However, some features are only available in the higher levels of the Vault product line.
The complete document is published here....
http://usa.autodesk.com/adsk/servlet/ps/dl/item?siteID=123112&id=15948799&linkID=9261341
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