A cheaper, poor-quality copy of something better or more famous.
The term stems from the fact that, in grade school, most kids would have the pricier, top-quality Crayola Crayons, while the unfortunate few students would be stuck with the cheaper, crappy Rose Art Crayons which nobody wanted.
Hostess snacks are the Rose Art Version of Little Debbie snacks.
In IT when management cannot get anything done because they are unable to decide between the current version of software, and the promised "next version".
Mike wasted 3 days on a version excursion, while the rest of us played Online Bingo
It has variety of meanings, but it is also used as a mark of being a Swiftie on The Internet. Taylor Swift herself said it means that it is owned by Taylor Swift. It is kind of an inside joke that isn't one actually.
Pirated version of a video game, downloaded in advance. Obtained before street date. Popularized on the gamefaqs message board Nonstop Gaming - General by user White Wolf Kiba (who may or may not actually be from Macedonia and have a difficult time obtaining legitimate copies of games).
White Wolf Kiba posted "I downloaded the superior macedonian version of White Knight Chronicles".