Right now the following is how long backups are kept:
Backups are run every hour on the hour 24/7. The local backups system stores an hourly backup for the past 12 hours, a daily backup for the past 7 days, a weekly backup for the past 4 weeks and a monthly backup for the past 3 months.
- From: gridpane.com/kb/gridpane-local-remote-backups/
It would be nice to customize how long backups are maintained rather than having to stick with these rules.
For example, I'd prefer 90 days of daily (or hourly) backups.
I haven't merged this with the thread linked to Augus's feature request which is for a custom template, but I believe the options available in V2 cover this request (and pretty much covers the request from Augus too).