With a little external hard drive, Apple's Time Machine application will save your bacon in the event of a hard disk failure. And if that external drive is big enough and configured it properly, you can also go back and resurrect work that you had trashed or overwritten weeks or months ago. But if you've ever done that, you know Apple didn't make it very convenient, especially if you want to, say, look at the history on one particular file.
What is new in this release:
It has a couple minor improvements, bug fixes, and is signed with our Developer ID so that it will launch in Mac OS X 10.8 Mountain Lion for new users.