Much like how the system restore works, ‘System Protection’ will be periodically taking snap shots of files and folders that you’ll be able to go back to. With those files, you can restore, delete, or copy them within limits. The limitations come from the fact that this will only save backups since your last system restore checkpoint which means for most people it won’t go back more than a few days.
If you had a reason for using ‘Previous Versions’ it seems as though it will be pretty simple to use. You’d find the file or folder and right click and select the properties. One of the tabbed options would be ‘Previous Versions’ where you’d be able to see all of the previous versions available.
As far as privacy and security is concerned, ‘Previous Versions’ can be disabled. In the corporate world, this may be necessary if files are saved on networked drives and there are worries over sensitive material and documents. Another reason for concern is because it is possible to restore files even after they have been emptied from the Recycle Bin. This certainly could be the new way for employers to check up on their employees.
Whether this is a convenience or nuisance all depends on who and what it’s being used for. I’m sure we can expect to hear more about the security and privacy aspects of this in the future.
News Source: Ars Technica