It's so far just keeping track of resources (and TVs if using 2.1 or above, will be implementing it for 2.0 too) and the different elements. That's real cool as it is, but there's no functionality yet to actually view version details, compare or let alone restore them. I've got it running on a couple of personal sites and sites of my clients now to let it collect data and being able of using that for developing with a real case scenario.
The only thing done now is a grid with some filter options for Resources. This is what it looks like-ish:
http://a.yfrog.com/img814/5760/kycr.png
I'm probably going to adapt a different UI style, based on the work from Lossendae which is used in his Cliche package. Mainly cause it looks super sexy and VersionX 2 also is super sexy.
On top of that there'll be some very interesting configuration options and other stuff I've got planned. But I don't want to promise specifics until it's done
I'll keep this topic up to date for sure if there's real news to report. For the running stuff on VersionX or one of the other 4 projects I'm working on, just follow me on Twitter: @mark_hamstra.