Default Fallback
A field falls back to a text value or a token that is transformed at render time (not item creation time). This module appears to be similar to out-of-the-box (OOTB) functionality, but is significantly different with regards to 'tokens'!
OOTB a field can be configured with a 'default' value. This default value isn't stored on the item itself so long as the Default value doesn't have a token in it. If there is a token in the Default value field of a field then when the item is created there will be a value for that field. Using default fallback a 'default value' will never be stored on the item itself even if there is a token in the default value.
Furthermore, if a __standard value has a token in a field then an item, at creation time, will get the value of that stored on the item itself. Therefore, if you rename an item the field will show the name the item was created with. However, with field fallback, if you rename the item the field value will reflect the new name!
The field that is to have a default fallback value should be edited such that there is a value in the 'DefaultFieldFallback' field.
By default, 'DefaultFieldFallback' is NOT a shared field. You can set it to shared on the 'Template Field' item(/sitecore/templates/System/Templates/Template field)
