When does the computed field get calculated? I don't understand when a computed field computes. Does it compute when the fields it draws on are updated or when someone views the node it's used in?
From  Computed Field Module:

Computed Field is a very powerful CCK field module that lets you add a custom "computed fields" to your content types. These computed fields are populated with values that you define via PHP code. You may draw on anything available to Drupal, including other fields, the current user, database tables, you name it. (Feeling the power yet? :) ) You can also choose whether to store your computed field values in the database with other content fields, or have them "calculated" on the fly during node views. (Although you should note that Views use requires database stored values.) This field is literally the Swiss Army knife of CCK fields. So start cooking up your PHP based values!

In the documentation page ( http://drupal.org/node/126522 ) it also says:

When is the field actually computed?

If you wish to store the values in the database then you have to update or re-submit the node to compute the value of the field.

If it is not stored in the database then the value computes when the node loads and only when the node is loaded. The field will not work in views nor will it function properly if it depends on other non-stored computed fields.

More information from drupal.org and what appears to be a good page of snippets is http://drupal.org/node/149228