Archive is defined as the ability to backup and maintain data in a non-SFDC storage location and automated deletion of data from SFDC on a specific retention schedule. The backup archive of the data would always be maintained outside SFDC based on a separate retention schedule.
RJ handles both use cases. You can set flags in the database and use the product to archive massive amounts of data safely, knowing that you can always recover it. The versioning is on a record level, with a primary backup table for the current image and a secondary table for the prior versions of each record. This gives you lower space utilization, frequent incremental backup of just the changed data, and the ability to see all prior versions of a record. Great audit trail too.