What is the difference between Backup & Restore that was present on Windows 7 and the "File History" feature on Windows 8?
File history keeps multiple copies of files in a backup location where they can be easily accessed via the properties>file history menu or via direct access to storage location.
Backup and Restore saves a single incremental backup to a location. Backup and Restore can also save a complete system image (note: not quite complete). You can use the system image to restore your computer to a previous state. As far as I know you can only use a backup to restore files while on the Windows DVD not file history.