With this option, you can save the current file to disk under a different file name.
When you want to make some changes to your code, but you do not want to make changes to the current version you can use the "Save As" option. It will leave your code as it was saved, and will create a new file with a new name so you end up with two copies each with there unique name. You then make changes to the new created file.
The project manager will update the name of the file also. When you want to use the file with the old name you have to add it again.
Note that the file is saved as an ASCII file.