Reserved and unreserved checkouts each have pros and cons. Let it be said that a lot of this is a matter of opinion or what works given different groups' working styles, but here is a brief description of some of the issues. There are many ways to organize a team of developers. CVS does not try to enforce a certain organization. It is a tool that can be used in several ways.
Reserved checkouts can be very counter-productive. If two persons want to edit different parts of a file, there may be no reason to prevent either of them from doing so. Also, it is common for someone to take out a lock on a file, because they are planning to edit it, but then forget to release the lock.
People, especially people who are familiar with reserved checkouts, often wonder how often conflicts occur if unreserved checkouts are used, and how difficult they are to resolve. The experience with many groups is that they occur rarely and usually are relatively straightforward to resolve.
The rarity of serious conflicts may be surprising, until one realizes that they occur only when two developers disagree on the proper design for a given section of code; such a disagreement suggests that the team has not been communicating properly in the first place. In order to collaborate under any source management regimen, developers must agree on the general design of the system; given this agreement, overlapping changes are usually straightforward to merge.
In some cases unreserved checkouts are clearly inappropriate. If no merge tool exists for the kind of file you are managing (for example word processor files or files edited by Computer Aided Design programs), and it is not desirable to change to a program which uses a mergeable data format, then resolving conflicts is going to be unpleasant enough that you generally will be better off to simply avoid the conflicts instead, by using reserved checkouts.
The watches features described above in section Mechanisms to track who is editing files can be considered to be an intermediate model between reserved checkouts and unreserved checkouts. When you go to edit a file, it is possible to find out who else is editing it. And rather than having the system simply forbid both people editing the file, it can tell you what the situation is and let you figure out whether it is a problem in that particular case or not. Therefore, for some groups it can be considered the best of both the reserved checkout and unreserved checkout worlds.