How does ownership work?

In Skyrim, there is a console command to set ownership, but I am unsure to what exactly it does. I know it makes it yours (or someone else's) but I don't know what the ramifications are. Can I set the ownership of a random container ... make it mine thus making it not respawn or is the respawn timer an internal condition regardless of ownership?

This question is addressed to people with experience with the Construction Kit (Oblivion or Fallout 3).

Setting the ownership of an item in this way basically means you can take it safely (since it is now yours) rather than stealing it.

In regards to the container I'm guessing that it will make it a safe place to store your things, at least thats what the highest rated answer over here would suggest.