Revision Diet is a plugin to limit the number of post revisions that are saved.
To install it simply unzip the file linked above and save it in your plugins directory under wp-content. In the plugin manager activate the plugin. Settings for the plugin may be altered under the Revision Diet page of the Options menu (version 2.3) or Settings menu (version 2.5 or later).
This button automatically trims extra revisions over the limit you have currently set form every post in your database. If you never push that button any posts that you are not editing will not have their extra revisions removed.
Yes, it does manage the revisions for pages – however the “Trim Excess Revisions” button only trims posts.