I think this would be a pointless and dangerous exercise on a number of levels. But if you think about how a VCS system works, it makes the diff between the current version and the previous (or the benchmark) version and then if you revert to a previous revision it (the VCS) writes out the files to the directory. In the first instance if you did this with a database and then did a diff what would you see? The view you get of the data in a database is filtered through the DBMS so diffing raw files would be pointless. In the second instance if you restored a revision to a working database i don't think you would get much except a trashed database. Also what would happen to views, stored procedures, triggers etc.?
The only time i considered anything like this was to dump the database structure only, no data, and VCS it so i could diff to see what structural changes had been made. However ramping up the communications in the team solved this problem.
THe way to deal with databases is to use a proper set of backup programmes and procedures, not forgetting a set of restore programmes and procedures and a test regime to make sure your backups are all working.