Understanding the File Manager permissions settings

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On the File Manager tab, there is an "Access" page with a set of permissions. Can somebody please give me some idea of how this works. The main C5 documentation describes the way individual page permissions work in the sitemap, but doesn't give any real info about the File Manager permissions (in particular, this is useless:http://www.concrete5.org/documentation/general-topics/file-manager... ). One of my fundamental questions is, what does "View Site Files" control? And how should I set that control for Guest users on a publicly accessible site?

Does that just control the ability to bring up the file manager dialog when editing a page, or does it control access to actual files in in the file manager itself? That is, if I put a link to a file in the file manager on a publicly accessible page, and the "View Site Files" setting was "No" for Guests, would an anonymous user of my site be able to click the link and download the file?