Default.png is just the starting point. That will give you a splash screen (the Apple user interface guidelines suggest that the splash screen should look like the first screen to make the app look as if its loading faster - but that's actually a bad user experience IMHO).
The splash screen disappears as soon as the first view is shown. However, if your code is still doing stuff that renders the interface unusable, it can be worthwhile to make your first view look like the splash screen, possibly adding a progress bar, then swap that out for the first real view when your app is actually ready for user input.