You may remember Previous Versions a front end for the Volume Shadow Copy service in WHS 2011, a feature that allows you to recover an older version of a document or other data file.
The forth coming Windows 8 introduces File History and Windows guru Paul Thurrott explains the details:
[File History] attempts to right the wrongs of Previous Versions by offering the same capabilities in a far easier to discover and use package. Apple fans will note that it works, in fact, a lot like Time Machine, albeit without the gratuitous animations and spacy theme.
Paul goes into more details, which you can find here.
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