Assuming the app has implemented the new saving model correctly, it will also keep a history of every version:
File > Revert To > Browse all versions
File > Revert To > Browse all versions
I love how OS X stays out of your way, but most regular users never get to take advantage of greater complexity. You have to be in the mindset of one of 'us' (reading every update to Apple's PR) to get a handle on everything OS X can do.
Maybe you find it one day trolling through the menubar. Maybe you don't.