Why reinvent version control inside of WordPress? I'd rather version my content in git and build a static site from that.
I think there's a real opportunity for github, or a github app, to revolutionize publishing by building on the existing content collaboration capabilities of git. I'm not the first to have this idea [1]; there are already people executing on it [2].
[1] http://paulhammant.com/blog/github-as-a-cms-to-end-cmses.htm...
[2] http://prose.io/