The feature is a welcome one and applies to all the scrap conversations that have quick replies. This means you can check all the conversations you had recently just by clicking the ‘View this Conversation’ link. Here are a few snapshots for the same.
and on Clicking the Conversation link, you are presented with all the recent conversations you just had in an overlay.
So another small but good tweak for Orkut users. Keep up the good work Orkut dev team.