Content Revisons really only come into play when you have clients that are updating from their management server (SEPM). Lets get a few points straight first:
1. Symantec release 3 sets of content per day for SEP
2 .The default interval for the SEPM's to run LiveUpdate is every 4 hours
This means (as you can work out) that we are going to download 3 sets of content every day. By storing 3 sets of content that means we can store 1 days worth of content. Now, what does that mean for your clients?
When a client checks in, it tells the server what content version it has. At the same time, the client also pulls information from the server which tells it what the latest content version is. If those two versions don't match, the client requests updated content, either from the SEPM, or from the GUP. At that point, the SEPM has to work out if it can provide the requested content. In order to provide the requested content, the server MUST have stored the content version that the client is already running AND the content version it wants to move to. If it has both of these, then it can create a delta for the client. If it doesn't have both sets of required content, then it CANNOT create a delta and provides the client with the FULL content set - this is currently around 42MB.
So, the content revisions basically control how long a server can create delta's for. 3 sets of content would just about allow the clients to get delta's from one day to the next and will be fine if all clients are LAN connected (since 40MB over the LAN to a few computers is nothing). However, without too much maths you can quickly see that computers that are turned off over the weekend will need a full content set on Monday morning, since we don't stop producing content over the weekend (like some other vendors do). With that in mind, 12 represents a good number, since it will take you through the weekend. If you want to support any large number of remote clients updating from the SEPM, then you should consider increasing this even more.
Hope that helps explain content revisions