A while back, I was given this description as part of a functional spec:
"For the fields which are created automatically when an object is created, the field property will be the property configured in the Field Visibility if the Field Visibility is other than Visible"
It has a kind of poetry to it, don't you think?
After playing with the app, and talking to the engineer who wrote the spec, it turned out that what he meant was: "Inherited field visibility."
(a rock - the most zen thing I had in my garden)