We do something like this.
However, we do not embed the history @ the document, but in a separate collection (history) with the record ID and the affected fields, plus metadata on the editor, date of edit, etc..
It is simply the new logging of the 21st century.
Although we've never had to rollback anything, it is great metrics for producer's schedules and helps feed some other networks for "best" artist selection for specific job types, time spent on certain tasks, etc...
It is also neat to feed data into a good visualizer so executives can puff up and present something that looks "neat" watching all the dots or graphs grow and shrink over time.
Fun stuff.