I would make crazy use of such a revision control. If it doesn't exist - where would to a good starting point for building one? I can probably make a lot of designs and interaction flows, but to implement it is another thing.
Would it be a good idea start by creating a macro to work with Adobe Photoshop / Illustrator? Or one of the online image editing tools?
Can anyone refer me to anyone working on one of the online image editing tools?
Subversion is actually pretty good for version controlling binary files. It's just about the only great strength it has over, say, Git (as far as I'm concerned, anyway). See this answer of mine for a more detailed explanation of that assertion.
ImageMagick has a compare command that shows you the pixel-by-pixel difference between two RASTER images. Vectored images might be trickier (unless you can look at an SVG source and immediately see the resulting picture). Unfortunately this doesn't really help you with Photoshop/Illustrator though.
If you're working under Windows, TortoiseSVN has an image comparison utility too.