The ability to write in custom names for each version of a video would be super helpful (instead of them just being V1, V2, V3, etc). I often need to save my versions with more descriptive names.
My work around is versioning each phase of my cuts as I once did in Vimeo, usually how it works...
First cut v1 v2
Fine cut v1
Final cut v1 v2 v3 v4 v5 v6 v7 v8
I replace the file on First Cut (which in Vimeo creates a similar drop down as here) until it's in the Fine Cut stage, and then Final Cut gets replaced like 100 times or something...