Roland Alexander STL (11/15/2012)
We ought to make note here that DEFAULT has been deprecated in an unspecified future version of SQL Server, so don't get too attached to it 🙂
I think you are confusing default constraints (which are defined in the ANSI standard, and not deprecated) with "default objects" that can be bound to columns or alias data types.
The ANSI standard DEFAULT constraint is what's used in this question - no seperate object, but a default definition used as a constraint in the table.
The deprecated feature uses CREATE DEFAULT to create a default obejct, and then calls the stored procedure sp_binddefault to bind it to either a column or an alias data type.
Reference (hyperlink!): CREATE DEFAULT