What I did was test it with an html (opengoo-created) document that I had. There were 2 revisions. Selected the document.html, clicked on (+) Revisions, then clicked on the Download button for Rev #1. It opened the document.html fine. I closed that, then opened Rev #2, and it opened document.html with the new revision.
I then did the same thing with a Microsoft Word document (word.doc) that I had which also had 2 revisions. I followed the same steps as above, and confirmed that both were different versions.
So now I feel better that I confirmed it all works okay. To access your previous versions, just go to your Documents tab, click on the name of the document, then click on (+) Revisions, then click on the Download button (a graphical down arrow) in the coloured area to the right of the revision #.