Migration guide
Preview detection
The most common use case for {{REVISIONID}} is to detect preview mode. This will not be broken.
The magic word will still be valid in wikitext, and will still return "" (empty string) when previewing edits, and something else (a dash) when reading pages after saving the edit.
Edit summary permalinks for advanced user actions
Another common use is to use {{REVISIONID}} in combination with {{fullurl:}} to give privileged users a way to quickly perform an action with the edit summary already pre-configured to reference the current version of the page. For example, when fulfilling a request from another user.
This feature has been accommodated with a small JavaScript snippet, that can be used in templates via class="tpl-permalink-reason". An example can be found at Meta-Wiki JS and Template:Checkuser.