Used this technique (albeit counter-based, not time-based) successfully for backing up the 2006 World Cup site newsfeed[0] configurations/data. Had 6 rotating backups on two hosts. Never had to use them (as best I remember) but it was definitely comforting to know they were there in case of urgent rollback.
[0] Not strictly the right name but I've forgotten. Y!uk people of that era know what I mean.
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