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Re:Dropbox Hits 25 Millions Users, 200 Million Files Per Day by lloeki on Monday April 18, 2011 @05:57AM (#2458527)
It keeps 30 days for free accounts. That's unlimited for Pro IIRC (although you have to manage according to free space)

Edit: apparently policy changed at some point and versioning does not count in your quota. Also, Pro accounts need the Pack-Rat extra to enable unlimited versioning.

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