DesignerSerializationVisibility -- what is it exactly?

There seems to be very little information
DesignerSerializationVisibility can be:

1) Hidden - The code generator does not produce code for the object.
2) Visible - The code generator produces code for the object.
3) Content - The code generator produces code for the contents of the object, rather than for the object itself.

Please explain to me what the above 3 points mean exactly, and how they will affect the 2 properties below in the code snippet.

Thank you very much for helping a newbie.

[Browsable(true), DesignerSerializationVisibility(DesignerSerializationVisibility.Hidden)]
        public new Size Size
        {
            get { return base.Size; }
            set { base.Size = value; }
        }
 
        public Color CellColor
        {
            get { return _cellColor; }
            set
            {
                _cellColor = value;
                this.Invalidate();
            }
        }

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