TimeVault is a simple front-end for making snapshots of a set of directories. Snapshots are a copy of a directory structure or file at a certain point in time. Restore functionality is integrated into Nautilus – previous versions of a file or directory that has a snapshot can be accessed by examining the properties and selecting the ‘Previous Versions’ tab.
These instructions are Ubuntu-specific (7.10).
Active forum posts about TimeVault, with suggestions that it be included in Ubuntu going forward. A worthwhile read.