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Yes. There is a Versions gadget available that you can add to the navigation panes. See this post (which covers about how to add the gadget in Edit Mode): http://cjsharp.com/blog/2013/04/17/how-to-delete-the-language-branch-for-a-page-or-a-block-in-episerver-7/
In terms of the EPiServer 7 CMS functionality to CMS users, is it possible to view the revision history of changes made to a given page using the CMS interface, and even view differences between revisions?