This would be a journaling file system, not a versioning one, so it only remember the changes that have been made recently. Say you were writing a file. The journal would be marked that you are writing to the file and that its in progress. When you finish writing to the file, it would mark that the write was completed. Now if the power got pulled durring the write, when the machine starts up again, it just has to replay the log to find which files need to be examined to bring the fs back to a clean state, rather than the current, non-journaled, behavior, which is to search the whole disk looking for dirty files.
Now, if the JFS was a full JFS and not just a MetaData JFS (which I believe Elvis is), it would also record the actual bytes being written to the file to the journal, and if the plug was pulled mid write, you wouldn't lose any data, or get garbage at the end of your files. Most JFS's don't do this type of journaling though, as its expensive (in space and overhead), and on systems that have to deal with large files, its almost never done.