Hi
Note that a saved project (vpj file) does not save the editing steps you made when you reload it. So, if, for example you......Loaded some clips to the timeline, added a blank to the end and then split a couple of clips.....Whilst VP was open you could step back through these moves with the undo/redo arrows. If though, you Saved the Project As and got a uniquely names vpj file and then reloaded it, there would be no undo steps available. The project reloads as though you were just starting again at the point where it was left.
Nat