What functionality is missing? What is unsatisfying with the current situation?

 CTRL Z is constantly bugging for me where it will only undo once and on top of that Ive noticed that things that I 100% remember typing magically disappear without warning. Both of those together and the fact that this is a beta website makes it feel scary because of the possible chance of losing stuff.  

How does this feature request address the current situation?

Peace of mind, and saving time. You wont have to download back ups every now and then or copy and paste your articles somewhere else for safety.      

What are other uses for this feature request?

Well there are endless useless to having version history, you can restore old versions, look at your progress, look at the dates of specific changes, never have to worry about accidently deleting everything and ctrl z not working.