How DOES it work?  Or how SHOULD it work? 

How it works is:  Each team gets 24 hours to vote on which move to make (or whatever the time setting is), and the move with the most votes is made at the end of the 24 hours.  Then the next team has 24 hours to vote on their move, etc..

In the case of a tie, whichever move was voted for 1st is the winner.

What often happens is that people look at the board really quick, make some snap decision, cast their vote, and forget about the game for 48 hours.  As a result, many blunders are voted in.

What SHOULD happen is that everyone on the team puts a check in the "Notify me of new comments" at the bottom of the Team Comments page.  Then when you decide which move you think is the best, you DON'T VOTE RIGHT AWAY, but rather post your move in the Team Comments (make sure not to post it in the Public Comments where the other team can read them - very easy to do, you'd be suprised how common it is).  Explain why you think that is the best move.

Then we (as a team) discuss the strengths and weaknesses of each suggestion, and then vote together as a team.  That is the main advantage of vote chess, to learn from your fellow team mates who can show you why what you thought was a good move, really isn't.  If you're not using Vote Chess to learn from stronger players, you're drinking de-hydrated water (what's the point?).

In our last Vote Chess game, The Dark Knights discussed every move and avoided many blunders, while our opponents didn't talk at all (you can see both group's comments and votes after the game is complete).  On one move they cast 6 different votes for 6 different moves.  United we stood, and divided they fell.

Of course, we all have lives outside of Chess.com, but if it is at all possible, it's better to save your vote until after all the moves have been discussed.

Here is the link to our completed game so that you can get a better picture of how it plays out:

http://www.chess.com/votechess/game.html?id=10768215