Versions have built-in functionality that is not available for normal lists. However, a large number of Versions (e.g. 10+), can have performance implications due to the block structure. Review the need for high number of Versions, and if the native functionality is not critical or needed, consider using a normal list to represent Versions.
Best Practice Articles:
To Version or not to Version
OEG Best Practice: Inside the Hyperblock
Questions on this topic? See 1.02-05 Try and avoid a high number of native Versions in our Planual forum.