Tips, Tricks, and Best Practice - What happens when Self-Paced content is replaced?

This question has come up recently, so here is the TLDR:
When content is replaced in a Self Paced Learning Item, then "View Content" will always show the latest version (it always shows the latest version irrespective of the Reconcile job or timestamps).
"Review Attempt" will always show the version of the content that the learner took at the time of that attempt.