I thought as we now have version history on pages, we should discuss what it is acceptable to use it for. Here is what I think.
Acceptable: *Reverting changes if you decide against some modifications you have made *Reverting changes made by idiots defacing the site (the motivation for the new feature, actually) *Letting you make a long edit, safe in the knowledge that if someone else edits in the meantime, you can find out what they said and re-incorporate their text
Unacceptable: *Storing information instead of in the most recent version.
While the new system may look suitable for, say, a diary format, there are complications. If you make a mistake, that mistake is in your history forever. Ditto if someone defaces the page. The point of the version history is to combat mistakes and defacings, not compound their effects!
Further, it may prove sensible to regularly purge the history of older pages, to save on memory, as none of the “acceptable” uses of the history will be nullified. However, anyone keeping information in the history will lose it if that happens.