The whole idea of untrusted corrections makes me nervous. The exception being if you allow anyone to do anything, like a Wiki.
it seems to me that keeping the revisions in a separate table is a bit cleaner
Well, yes, but it requires Pagesetter to maintain an identical database setup for two separate tables. It also depends on a perfect copy from one table to another - probably not a problem, but there's an extra complexity added here - making sure the two tables are in sync.
Both solutions yields another problem - how to keep track of meta data as well as templates! What if a field is removed some day - what should then happend to the old revisioins, and how should they be shown? For now I will ignore the problem.
Template courtesy of Designs By Darren.