That is not an eraser, thats making a copy of your current work every minute, try something new, and if you don't like it, stop what you're doing and retrieve the old one from the filing cabinet.
So now every program needs an infinite, crash and restart resistant, fine grained revert option.
I applaud Apple for their braveness in changing such a core functionality, but I don't want to imagine the trouble this brings when accessing data on network shares (or even the lifespan of your SSD cells).
So that whenever I want to do exploratory work that I probably want to either fork or toss, I have to go into time machine to do it, rather than simply not saving, or saving under a new name.
Or choose Duplicate on the old file, don't save the copy/give it a name, and do the work in there.
Since Lion, OS X also internally autosaves files that have yet to be saved. I've had 3-4 "Untitled" TextEdit files that I haven't saved hanging around for months, across reboots.
I don't mind some internal backup-copy (including undo/redo state) being made of what's currently on the screen so that it can recover from a crash, but actually modifying the file I loaded from when I never told it to save is just bad, bad, bad.