Advantages of setting Default Value at the Table level:
1. It is automatically applied in all forms, and even append queries.
2. Only one place to manage this. You don't need to trawl through all forms
if you want to change the value.
Advantages of setting Default Value at the Form level:
1. If the database is split and distributed to multiple sites, it is easier
to change the forms than to change the back end.
2. If you use a query as the source for a form so that you can get values
from a lookup table as well as your main table, and the lookup table has a
field that has a Default Value set, the form may fail when you try to add a
new record. In some circumstances, Access tries to apply the Default Value
to the field in the lookup table (even though you are not adding a new
record there), and naturally enough, that fails.
From that experience (particularly the last item), I have changed from my
original practice of defining Default Value at the table-level, and I always
do it at the form level now.
HTH.