If I create an album as part of a Project and later delete the album, the originals and versions are still in the Project. So to clarify, I have a Project and an arrow beside the Project name that will reveal or hide any albums, slideshows, books, smart albums etc that are part of he Project. If I delete any of the albums, books etc., the originals and versions are not lost. Re the 2nd part of your question, if you are looking at a Version, it is going to say Version 1 or Version 2 whatever the case. A version is created automatically IF you have your preferences set to create a new version upon making an adjustment to your Original (or Master as some call it) Click - Aperture/Preferences/Advanced and check the very bottom box if you want this enabled. I suspect you know that already. A version can also be created manually if you have aperture do so. (Opt + v ) However if you DO NOT have “Create New Version upon making Adjustment” enabled, and you make an adjustment to your original (Master) you simply get a badge in the lower right corner indicating an adjustment has been made. This badge also shows up on any new versions that Aperture creates automatically if you have your Preferences set for it to do so. The badge is an arrow pointing in both directions (left and right) and is most easily seen in the Viewer mode. Hit the letter “Y” while in viewer mode to show the data as you can toggle it on and off. So if you never create any new versions manually or automatically you will simply have your Master (original) with no badge showing, or if you made an adjustment, with the badge showing. Obviously if you exported to a third party plug-in do so some editing, such as PS or Nik, you will automatically get a new version with a badge looking like a bullseye target, regardless of how you have your preferences set.
Does this make sense to you?