The <fieldsets>
tag is basically used to define attributes that will be copied from one place to another. For example, while converting quote object to order object, the attributes that needs to move to order is listed below like,
<sales_convert_quote>
<remote_ip>
<to_order>*</to_order>
</remote_ip>
<x_forwarded_for>
<to_order>*</to_order>
</x_forwarded_for>
<customer_id>
<to_order>*</to_order>
</customer_id>
<customer_email>
<to_order>*</to_order>
</customer_email>
<customer_prefix>
<to_order>*</to_order>
</customer_prefix>
<customer_firstname>
<to_order>*</to_order>
</customer_firstname>
<customer_middlename>
<to_order>*</to_order>
</customer_middlename>
<customer_lastname>
<to_order>*</to_order>
</customer_lastname>
<...........>
</sales_convert_quote>
The above code has been taken from the file
app/code/core/Mage/Sales/etc/config.xml
Hope this helps.
Thanks.