For example when a file is checked out in another workspace, I get a blue check mark in p4v. This is appropriate to alert me to the possibility that someone else is likely to change the file soon.
With swarm, the next step after checkout is to shelve the file in order to make it visible in Swarm. I understand that now it is becoming even more likely that the file is going to experience an update soon.
However, in the current implementation (2015.1), p4v shows no annotation at all, because the file is not checked out any longer.
Suggestion: define annotations for shelved files; e.g. yellow check mark for shelved and under review, green if the review has already been approved, black check mark for shelved-and-not-under-review or review was rejected.
I think the shape of the annotation should be kept so as to keep the distinction between open for add / edit / remove.