The default properties field from the view definition is not heavily used by a standard OpenGamma installation. The two main uses available in the Open Source distribution are for injection of value requirement constraints (the JavaDoc for CalcConfigDefaultPropertyFunction can explain more) or the implementation of micro-scenarios in early releases of the platform (http://docs.opengamma.com/display/DOC/Micro+Scenarios). Neither of these are normally needed when using more recent releases:
All of the built-in functions will propagate constraints on their outputs to the relevant input values so it is normally simpler to constrain each value requirement in the view definition’s column set than to use this mechanism to inject defaults deeper into the dependency graph.
Version 2 of the platform introduced a more thorough scenario mechanism (http://docs.opengamma.com/display/DOC/Scenario+DSL+Script) which has superseded many of the other uses of the Default Properties.