I had someone ask me the other day if they are using SSIS 2012 Project Versions, is there any benefit to using TFS? The answer is Yes! While Project Versions is a new feature that keeps prior versions of SSIS projects as they are deployed to the server and allows you to rollback to any prior version, it is not a replacement for source control. Here are some of the limitations of using Project Versions as compared to using TFS:
The bottom line is the best use for Project Versions is to quickly revert to a prior project version if a new version causes issues (a quick rollback). It is not really a source control solution.