If you enjoyed Windows 7 Previous Versions feature, Windows 8 changes this up completely. It is now called File History and is not accessible from the Properties context menu of a file or folder.
In Windows 8, File History is not enabled by default. You must turn it on and choose where to store your files.
Check out more in-depth blog entries for this feature from Extreme Windows Blog and a deeper dive into File History on the Building Windows 8 blog.
Windows 8 File History
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