http://stackoverflow.com/posts/3607476/revisions (2k+ -- if security is working properly; I don't have a test account to check with)
While I only have 68 upvotes in that tag (need 100 to edit), I can view the revision history, which I think is fine.
What caught my attention is that I can see the "Edit" and "Rollback" links. So naturally I got curious.
I made a small edit based on revision 5 (I shouldn't have been able to get to the edit page at all). When I hit submit, I got the kitty-cat, but when returning to the revisions list, I discovered that a new revision was created anyway with the modified content. (At the end of the 1st paragraph, I changed the markdown from underscores to asterisks. Click on the edit link to see the source since it doesn't show up in the diff view.)
I was also able to roll back my changes using the Rollback link. (This should not be allowed.)
And I also got the tag editor badge for the first edit. (Which I totally don't deserve. lol)