We are currently using an older version of Meridian, and as far as I can tell, it does neither without a major interface from the manager. We cannot, at least we haven't found a way yet, to have it manage maintaining the previous revision of both the files and the associated xrefs. It will work on saving the previous revisions, but we haven't found a way of breaking it's link to the active xrefs and pathing to the previous revs xrefs without a major interface.
Granted I didn't spend much (read any) effort in the exercise, in that I see no real benefit, but our IT guys kicked it around quite a bit.