out-of-the-box it isn't possible, but it should be doable with not too much effort. If you really want to only store the last revision (which is equal to the current state of the DB), why not audit just the ID?
Adam - I never thought of that, would that also keep track of the timestamp information?
If so, great idea...I'll give it a try.
Actually, this may not work, as Envers will think that there are no changes in the entity - the only field audited being the id, which never changes. So you would have to override the changes-checks in the WorkUnits. Should be pretty straightforward .