This setting is currently available in the SDK and is a very valuable option for users to control how/when documents are refreshed when freed. Adding a command to the GUI for this already-existing functionality would be great for users wanting to use this functionality instead of having to create custom add-ins, etc.
We'd like this for the scenario where a user changes a file, realizes they screwed up, then frees the file. Returning the file to it's previous state immediately prevents issues where the changed file remains until actually checked out again. Having the old incorrect file in place can cause issues if it's referenced into other files.