These are instructions on how to use the new Versions feature of Mac OS X Lion.
OS X Lion can keep an ongoing record of your document as it evolves. Lion records snapshots of your document as you make changes or reach important milestones. Each time you open a document, Lion automatically saves the current version. It also saves a new version every hour while you work, building a history of the document as you go.
Step One We'll use TextEdit to demonstrate the new feature. Launch the application by double clicking its icon in your dock or Applications folder.
Step Two Type some text into the document and select Save from the File menu. Give the file a name click the Save button.
Step Three Click the filename in the title bar to bring up the Versions contextual menu.
Step Four Select Lock from the menu then try to add some text to the document. Lion will warn you that the file is locked and give you the option to Unlock or Duplicate it. Click the Cancel button.
Step Five Click the title again and select Duplicate from the menu that appears.
TextEdit will duplicate the document. Save it by selecting Save from the File menu.
Step Six Add some text to the document then select Save a Version from the File menu.
Step Seven Add some more text than elect Save a Version from the File menu again.
Step Eight Click the title and choose Browse All Versions... from the menu.
Step Nine A time machine like interface will appear with the current document on the left and a stack of saved versions on the right. You can navigate through previously saved Versions by selecting one from the stack or using the timeline at the right of the screen.
Once you find a version you want to revert to, click the Restore button
Step Ten Notice the TextEdit file has changed to the version we selected.
Step Eleven Add a little more text and click the title again. Select Revert to Last Saved Version from the menu.
Then click Last Saved Version from the popup menu to undo the edit we just made.
Check out the video above for a demonstration.
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It seems that there is also a timed autosave feature, not mentioned.
You can simply type your text and after some time (let's say half an hour) and you may also browse different versions without having to save a version. Of course to save a version is recommended whenever you do important changes to your document, not to depend on these timed autosaves.