This question has been answered by sottwell. See the first response.
The child will inherit the value of its parent. However, once you set a value for a child, it loses that ability. If you give the child a value then delete it, you still have the value of an empty string, not no value at all.
Until a resource's TV is given a value, a row for it does not exist in the site_tmplvar_contentvalues table for that TV and that resource. Once a value has been set, then it has a row, whether its value is empty or not.
Note that this is a dynamic lookup that occurs whenever the child page is saved and its value is empty. If you later edit the values in the parent, these will be reflected in the child. You can break the inheritance by supplying your own value in the child. You may also restore the inheritance by deleting the value and leaving the field empty.
