The _derived folder contains images for FrontPage linkbars if you use
those in conjunction with a theme. The folder also contains a template
for the FrontPage search results if you are hosted on a windows server
and use Index Service for the search (this is normal if hosted on
Windows 2003). The folders importance can be gauged by the way
FrontPage hides this folder from all users of FrontPage, along with the
_vti* folders.
If you don't use themes (or link bars with a theme), and don't use Index
Service with the FrontPage search component then the _derived folder
should be empty.
By default, the _derived folder is not included in any searches when
using the FrontPage search component.