Publicly locked posts or pages functions exactly the same as published. EXCEPT only user with manage_options capability (usually only admin users) can edit the post or page.
Privately locked posts or pages functions exactly the same as private. EXCEPT only user with manage_options capability (usually only admin users) can edit the post or page.
In both cases only users with manage_options can assign a post or page to the above statuses. As a webmaster this functionality may be useful if there are posts or pages you do not want editors or similar roles amending.
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