The “Worksharing Display Settings” is a tool to help you display a view in your model based on Worksharing status. This is a relatively unnoticed addition to Revit in 2012. The tools can be accessed in the View display tools in the bottom left corner of a view after a project has been Workshared. See Image above for example.
This tool is a way to color display some critical information about the current view related to Worksharing. There are four settings: Checkout Status, Owners, Model Updates and Worksets. The Colors can be changed for each topic for a more desirable look. See image below for example.