ScanIAm wrote:
Likely, however, you won't be able to truly delete it.

Take everyone's poster-child for perfection in Source control, Subversion. The only way you can actually, truly, delete something from the repository is to delete the entire repository.

You can make it appear like the data is gone, but the act of saving everything for a 'just in case' or 'oops' situation, means that you can never, ever, ever get rid of that data.
I don't think that's necessarily the direction we're looking at. The difference between keeping a history of file changes and a full blown change management system is that the former deals with the history of each file individually while the latter deals with the history of a collection of files. It shouldn't be too difficult to have a system in which you could delete all versions of a file.