Codex has very decent explanation of get_template_part()
logic:
Assuming the theme folder is
wp-content/themes, that the parent
theme is twentyten, and the child
theme is twentytenchild, then the
following code —<?php get_template_part( 'loop', 'index' ); ?>
will do a PHP require() for the named
files in this order:
wp-content/themes/twentytenchild/loop-index.php
wp-content/themes/twentytenchild/loop.php
wp-content/themes/twentyten/loop-index.php
wp-content/themes/twentyten/loop.php
Basically you can have more generic templates and more specialized templates. Specialized template is looked up before generic. That is pretty much everything about it.