Cindy,
From a Devcon discussion, I believe it is locked while the View is validated and that is all. However, under high traffic situations this does become a problem and that is why I have created a separate DBC to place all of my Views in. Additionally, I wrap the DBC into my EXE so no one can open the Views in the VFP View Designer and accidentally corrupt them because they have multiple JOINS defined.
This may not be the best way under all circumstances but it alleviates the contention and corrupted views for my products.