Undo Branches as in Vim

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In this article

http://linuxhelp.blogspot.com/2006/09/visual-walk-through-of-couple-of-new.html

the author walks through the new features of Vim 7.0. Most of them are
old news for us emacs users however the undo branches feature seems
useful and I don't remember an emacs package which can do this. Quoting
the article:


In Vim 7.0, a new feature has been included which allows a user to jump
back or forward to any point of editing. For example, I am editing a
document and after a couple of minutes (say 10 min), I realise that I
have made a mistake. I can easily take the document to a point 10
minutes back by using the command :

  :earlier 10m

Or for that matter, move to a point 5 seconds ahead by using the
command:

  :later 5s

You can use the command :undolist to see a list of undo branches
existing in the buffer. And each branch will have a number associated
with it and it is possible to move to the undo level by using the
command:

  :undo <number>

Anybody who has used Photoshop will find that this feature is similar
to the history levels you have in Photoshop, the only difference being
that in Photoshop it is for images where as in Vim it is for text.



Is there an existing package which does that? Seems fairly trivial, so
I'm sure someone did something like this already.