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There are 3 spawn point items - the checkered flag, a red flag, and a blue flag. The checkered flags act like  general checkpoints : if you run by one in Play Mode it will activate, and you will respawn there if you die. You can also you hold the 'K' button to teleport to the last one you touched. This is covered in the tutorial, which isn't quite live yet.

The red and blue flags work similarly, but only work for their respective faction. This is mostly useful for versus type games where you want the red team to spawn somewhere away from the blue team. So for example, you could have a tower defense game where it's red vs. blue. You would use the red and blue spawn flags to set your base locations, and then you can set the goal and wave spawner factions as well to make sure your team attacks the other side / doesn't attack you.