Cascading or Default Permissions?

Issue Summary

I love the permissions by folder feature. However, I would like to define some sort of defaults since other people will be uploading folders and it appears to me that permissions have to be explicitly set by me for each new folder before it can be viewed. First - am I correct about this or am I missing something?

If this is correct, I think it would be great to create default settings for child folders.

Thanks!