There are two scopes for your setting:
Workspace (Global)
Project (Local)
Not all settings can be overridden at the project level, but most can. For example, if you open up your project properties and go to Java Compiler or Formatting options, you can see the checkbox at the top “override workspace settings”. Once you do that, the settings are stored in your .settings folder in the project.
Once that is checked into CVS, as new developers pull it down along with the other dot files, your settings will be carried over to that developer’s machine a well.