It's incredibly intrusive and distracting, going off every minute, in no logical pattern.

Closing as a duplicate of http://mv.ezproxy.com.ezproxyberklee.flo.org/forums/topic/820/. I think the plan is to allow people to view and revert to previous versions of a project; I suggested that you should also be able to mark a version as the “public” version while you work on future updates that may cause it to break temporarily. Read the thread for the whole discussion.

There's also a “Revert” option in the File menu which should take care of the worst of your problems until a better solution gets implemented.