That is not the same thing I would think of as a version-controlled filesystem. That would be something more like the ClearCase MultiVersion Filesystem, which allows you to define versioned views of an entire filesystem. This gives you the holy grail of versioning, snapshotting, backup, restore, synchronizing entire systems, with equal treatment of text and binary files, in a way that is totally transparent to any higher-level tooling that reads and writes to these files, that developers have been trying to reinvent for 30 years because ClearCase is proprietary and very expensive.