Microsoft Word does not support Lion's "Versions" feature yet, but there's no reason to panic. There are a few options that you can use to cobble together a work- around until the Mac BU team updates the Office suite.
Also worth mentioning: although I am focusing on Microsoft Word, the same technique can be used in just about any word processing or text editing application.
"Does the app provide any auto-save settings?"
The first thing to check is whether the application that you are using offers any auto-save or auto-recover options, even if it doesn't support Versions specifically. Microsoft Word offers two auto-save options.
To find them, launch Word, then go to Preferences -> Save and check the opti
