First, Autosave was dropped in xl2002. Although previous versions of that addin
will work with both xl2002 and xl2003.
But Autosave saves your original file every x minutes (user selectable). It
overwrites the file, just like you do when you hit File|Save.
Always create backup actually creates/updates a copy of the the file the first
time you save it in that session. (It uses a name like: Backup of Book1.xlk)
The file is a copy of the original file (your new changes are not included.)
You can open the .xlk file just like any normal .xls file to recover anything
you need.
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xl2002 added a feature called autorecovery. It serves a different purpose.
Every x minutes (again user selectable), excel will save a copy of the current
file in a folder (user selectable). If excel/windows crash, then the next time
you open excel, it recognizes that there's a recovery file in that folder and
offers you the chance to open it.
If excel never crashes and you close that workbook, then its recovery file is
deleted--you can't get to recover any data you think might be there.
And finally, Jan Karel Pieterse wrote an addin (works in any version) called
AutoSafe (note spelling).
It doesn't overwrite the existing workbook when it saves. It saves to a user
selectable folder. And when it's done, it either deletes these backups (or puts
them in the recycle bin). And the user can always restore the backups from the
recycle bin.
http://www.jkp-ads.com/Download.htm
(look for AutoSafe.zip, not autosafeVBE.zip, for your purposes.)