jsfiddle.net/sujesharukil/3p9bj/17 this seems to be working fine. All I did was remove the ($data) from the change event. The reason as I pointed out in my first comment is when you set something like
data-bind="event: {'someevent': func()}
what essentially is happening is, the even handler for someevent is being set as the return of func() call. Since your function ViewModel.vmAreaProcess.SetAreaRevision is not returning a handler function, it will not do a callback when the even is actually fired because the func() is executed immediately.
when you set it like this
data-bind="event: {'someevent': func}
you are actually binding 'someevent' to func handler. the func will be executed when the event is fired. Hope that clears it?