In the CME (right-click) context menu for a multimedia component, selecting Versioning > History shows previous versions of the component.
When I open a previous version, I see the component view but with Save to Disk grayed out.

How would I retrieve old versions of multimedia? Is it possible through the UI?
I can see the old image but this won't help with documents. I could alternatively roll an old version forward then open that. WebDav seems to open the current version, even if I select an older version of an image.
Edit:
Documentation links (login required) describe the steps and suggest being able to view, but not necessarily change, previous versions is the expected behavior. I would think Save to Disk would still be okay, though.