This is a wonderful plugin for managing content edits after initial publishing. You basically clone the content (make a version), make your edits to the clone, and once it's okay, you "publish" the cloned edit which simply replaces the previous published post. It does this so your content edits don't happen "live". It supports other built-in WordPress functionality (revisions) and really feels almost like a core part of WordPress. Recommended.
I only ran into one issue: it doesn't play nice with CodePress' Admin Columns (http://wordpress.org/plugins/codepress-admin-columns/) as it prevents the CodePress plugin from being able to grab custom fields from your posts to display in the back-end admin screens. Once I disabled Versions the Admin Columns plugin worked correctly.