Local Vault vs. Local Vault View

Just for reference, I am attempting to transition from Workgroup PDM to Standard PDM. One thing that i'm not quite understanding about Standard PDM is the Local Vault View. In Workgroup PDM you have a local vault, which was just a folder on the client computer, that you save files to when you check out parts. When your finished with making changes to the part, you check it back in and delete the local files and the files you checked in get saved to the server vault. Is Local Vault View a local vault that when i check parts out of, they get saved to my computer, or is it a tool to let me see whats on the server vault. I'm inquiring about this because I don't want to fill my computer with a bunch of files that I didn't know I had to delete when I was done with them.

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