@DanPatterson's first link is the one you want. The corresponding ArcMap page is here.
As far as measuring the change, the output match table gives a rough idea of how close a match the features were between the two datasets, but in spite of it being given as a number, it's not really a measurement.
You can optionally get some additional fields quantifying the degree of change if you input a change tolerance buffer, but I don't always find that to be helpful. It really depends on your data, but there are times when a change in shape can be more important than a lateral shift.
If you want to look beyond shapefiles, take a look at what's known as a Hausdorff distance. You'd need your layers in a DB of some sort, but ArcGIS can export to SpatiaLite, which is a self-contained database file. SpatiaLite does support calculating a Hausdorff distance between two geometries, and can be quite useful for the "measuring" part.
- Josh Carlson
Kendall County GIS