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When you fill in some values and change item types in Table Settings section of Table Model Property Editor, the changes are not visible when you go to the Default Values section. You have to close and open the Table Model editor again to see the changes. BTW: Default values section should be written with capital V.
Priority is changed to P4 (normal).
Verified in Build 2012.
Resolved for 3.3.x or earlier, no new info since then -> closing.