When you "turn on admin", you'll see a sub menu called "Version tags" in this area, you will see a list of open "version tags" in this context, an open "version tag" is simply a name given to a LOG of changes made under that version tag.
When a Version tag is initially created, they are given a default "name" generated by the date and person creating the version tag. This does not reflect when the actual changes were made, you need to view the log of changes to see what was changed and when.
To view the log of all the changes you made under a particular "version tag", go to http://www.yoursite.com/home?op=manageVersions (you get here by going to "admin console->version tags") Here, you can click on each version tag to see what changes occurred under each.
You can also see the log of changes to a commited version tag by going to http://www.yoursite.com/home?op=manageCommittedVersions (you get here by going to "admin console"->"version tags"->"manage commited versions").
Once you open a version tag, you can login and off time and time again and continue working under that version tag by clicking on the name of the version tag (an asterisk will appear).
NOTE:
There are a few collaboration based wobject that have their own version tag settings. In otherwords, you can require that your site content be approved before posting, but may allow users to post (without approval) to the forum, or photo gallery.
These objects include:
Version tags is a very powerful system, and should be understood. You can read more about version tags in the primer
The Administrator Guide and Content Managers Guide also talks about version tags in depth. These guides are available as free wikis or you can buy hardcopies at https://www.plainblack.com/store/services/books2.
need to add: explanation of admin settings to version tags,
Keywords: Versioning