I am testing DLO and have set it up so that it maintains 14 versions.
When I go to restore, I am only seeing 4 versions of any file and they all have the same date i.e. the last date of the backup. When I open the files they are all the same!
Having been running the software for a few weeks I also notice that the status screen often shows that files are waiting to be backed up that I haven't used since before I started testing. Every time I run the software it finds another load of files that it hasn't previously backed up even though they have been there all the time.
Finally, when offline and going to do a restore, despite setting the option to keep two previous versions locally, most of the folders are empty.
I'm mostly using the defaults and I have to say that, like BackupExec it doesn't seem reliable!