Let me break it:
v=spf1
It just says that the version of SPF is being used and that it is an SPF record.
include:_spf.google.com
Examine the SPF rules at _spf.google.com (i.e., if the source goes against _spf.google.com, it will go against your site)
~all
A mild failure if none of these rules are matched (all will be a difficult failure that people usually avoid when setting up Google Mail in their domain)
mx
Allow sending the source IP address as the domain in question if the source IP is present as an MX record in the domain.
include:cmail1.com
Another example: this time against cmail1.com
Final result:
v=spf1 mx include:_spf.google.com include:cmail1.com ~all
I used the SPF syntax page to put it all together.
ZoFreX
source share