When used inside <vte:if> value of <vte:else> is evaluated and printed if <vte:if> test is not satisfied. When used inside <vte:foreach> value of <vte:else> is evaluated and printed if <vte:foreach> has nothing to loop trough.
<vte:if test="1 = 0">
One is equal to zero.
<vte:else>
One is not equal to zero.
</vte:else>
</vte:if>
<vte:foreach from="{article_list}" item="article">
<vte:value select="{article.get_title}">
<vte:else>
No articles.
</vte:else>
</vte:foreach>