I have been thinking about this since Keith’s response. I think he is right. The auto snapshot has the possibility of snapshots building up over time, and becoming unwieldy. As a developer, any feature that creates potential problems in the software’s operation is a potential problem of support and development. So it’s best to avoid these things.
I have been using manual snapshots before I embark on any major edits and it has worked well for me.
But, thinking about whether this could be done, I took a couple hours and wrote the attached Applescript. I make no warranty as to its usefulness, and if you set the snapshot interval to every second and it fills your project up with snapshots and causes Scrivener to crash or the project to become corrupt, that’s your problem, not mine nor Literature and Latte’s. But I think if you use a reasonable interval, it shouldn’t be too much trouble, and may even help you. But again, I really think manual snapshots are the way to go for most of us.
It will run in the background (sortof), and every so often (based on the interval you select when you run it), if Scrivener is the frontmost (active) application, it will issue the menu commands to take a snapshot. It only takes a snapshot when that menu item is available (i.e. when the text editor is active, not for example the binder). It will also quit itself when Scrivener is no longer running (after the snapshot interval has expired).
You would download the script to a place of your choice, and run it by double-clicking. The Scrivener project should be open before running the script.
You also need to make sure the “Enable access for assistive devices” box is checked in the Universal Access panel of System Preferences.
If you have trouble with the script, you can send me an email danaleighton {at} fastmail {dot} fm but I’ll make no promises that I will have time to debug it. If L&L changes Scrivener’s menu options, it might mess it up too… 
NOTE: The script attached to this message has been superseded by a new version (1.10). See the new version in this reply: http://www.literatureandlatte.com/forum/viewtopic.php?p=97313#p97313
ScrivSnap.app.zip (36.8 KB)