In addition to being able to backup your files, Transporter has announced that its new Transporter Desktop software can now also save different versions of your files so new revisions won't destroy old versions. The concept is similar to Apple's Time Capsule in that it requires a Transporter hardware with a hard drive to locally store the backups and file versions.
Here's how version history will work with the latest Transporter software:
Generally speaking, version history will keep the last version when you save or delete a file. The retention is cumulative, such that a file may have many past versions, going back to its creation. If you delete a folder, it will keep the entire folder with contents.
In more precise terms, please keep in mind that versioning depends upon the sync process between your computer and the Transporter and/or between multiple Transporter units. That means you will have gaps in a file's history if you save that file more often than the Transporter can sync it (minimum sync interval is approximately one minute but may vary under heavy activity).
What do you think of Transporter? How do you think it stacks up against Time Machine?