Not really, it is not that different than Sun's ZFS (assuming that it is't ZFS), where it utilizes Subversion (an enhanced version of CVS) to keep track of how data changes over time.
For example, if you add one paragraph to a word document, when you save, it performs a compare on the copy in memory and on the hard disk, figures out the data that changes and then save the changes to a new pseudo-file that is accessed through the linker table (what you would think of as a file, where it tells the OS which sectors of the hard disk has the data that needs to be put back together.
In fact, OpenOffice under Solaris 10 demonstrated that as a workstation, ZFS made data storate more efficient as contents of files that do not change (like file headers, images imbedded in documents, etc) do not need to be added to files. In turn, you would have one header and footer for a Word Document on your computer that is accessed with every single Word document that is saved, so all it deals with is plain text (making a 50KB file ~4KB of actual new hard disk space used). That test was the Solaris Manual in a Word Document (*.doc) created and saved on that machine in OpenOffice.