The first implementation proposal tries to tackle versioning WFS for plain versioning, with no branches, and tries to be detailed enough to allow for an actual implementation as a datastore (possibly a PostGIS datastore extension).
The solution is a mix between Oracle, ArcSDe, svn and the Chris proposal.
From a classification point of view, it's a forward only versioning with no diffs, and no branches, and using progressive revision numbers like svn (so, each revision number marks a full tree, not just a file).
The discussion is divided in parts, in order to allow different stakeholders to inspect only the part they're instered into: