This may be old news to some, but I just stumbled upon it. Several co-workers and I have recently switched to CFEclipse, in prep for some JAVA crosstraining. I just stumbled upon the local history feature, that functions like a little local source repository. Every time you save a file, a snapshot is taken. to browse history on any specific file, right-click on it in the navigator and choose team > compare to local history.

By default this history is only maintained for 7 days, 50 entries per file, or 1 meg backup file size. If you want to use this for long term history, you would need to adjust those in:
Window > Preferences > General > Workspace > Local History