Live Version (LV) is made for your own personal use. You can track any file or folder on your computer. It'll maintain a Live Repository and track all the changes and systematically version them.
Once you setup LV for a specific folder, the versioning is alive. There is no manual labor involved in maintaining the Live Repository.
It is a backup system, a separate folder contains Live Repository. It does not in any way manipulate your source folder.
LV maintains a timeline for you. You can use LV to track how much time you spent on a recent work.