Note that what they refer to as "Versions" isn't really version control. It would more accurately be referred to as snapshots, as it simply performs a backup when opening a document, then an hourly backup while it's open. This is a bit to arbitrary to be considered version control. Nonetheless, it might be useful to undisciplined users, if the snapshots are easy to access and the feature isn't well hidden. Also note that apps must be updated for Lion in order to take advantage of the feature.