To find out which version of software your Eventide Stompbox has installed, enter System Mode by holding down both the encoder button and the right footswitch. Under the UTILITY menu, scroll all the way to the right and you will be able to select SW VER.
For TimeFactor, as of 5/13/08:
V 1.1 is the most recent full release.
There are two Beta versions, 2.00b7 and the more recent 2.0.2b4.
For more info visit the Eventide Stompboxes support page: