Hi,using o/p values u can retrive properties of 
objects ,database field values ,text presenting objects & 
can store on data table in test result window.
QTP provide diffrent o/p values i.e
-standard o/p values
-text o/p
-database o/p
-XML o/p
-text area

standard o/p values:u can retrive number of properties an 
object 
Note:o/p values retrive run time datatable in test result 
window
text o/p:using to retrive d text present in objects & store 
in run time datatable

text area:retrive test present in bitmap & retrive specific 
string frm obj.

I have seen almost 6/7 projects with qtp. I didnot saw 
someone using Checkpoints / Output values. In my opinion - 
They are just in the books - I don't have idea of practical 
usablility.

P
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hi, though i've not used QTP in any proj, i've xperience in 
that tool

o/p values are used for end to end usage. i.e if u r 
creating a contact, searching that contact,& editing it,(in 
different actions) instead of creating data table in each 
actions, o/p the contact while creating itself into the 
global sheet. the remaining two actions can utilize the 
value from global sheet. thus u r minimizing the size that 
yr script occupies by avoiding the creatoin of data tables 
in each sheet.

There are 3 types of output value in QTP

5 types of o/p values

12 types of o/p vaues

Output Value is to return the value of the property or text 
string/ table cells/databases/ xml doc.s.
It returns and stores the value for the duration of run 
session and that can used in any where of the script.
there are 7 types.
1) Standard
2) Page 3) text 4)image 5)xml 6)Table and 7)Database.