site synchronize and check in / check out

I'm trying to get an idea on the site synchronize and check in / check out
feature, does that work similar to CVS or Subversion where when something is
checked out no one else can edit it, or is there a way around it, like local
copies on other computers etc.

Anyone, I've heard where some places are having issues with the versioning
getting all messed up and files getting overwritten and so on.