Is there a Visual Studio equivalent to Eclipse's Local History?

Some more updated options:

Every save is stored in a git repository. You can use existing git tools to look at the history:

autogit

This extension provides a custom local history viewer:

Local History for Visual Studio

Local History for Visual Studio is similar to Eclipse or IntelliJ's local history feature. It works with Visual Studio 2012 and 2013.

There is not natively in Visual Studio but what about Visual Local History. It has the option to 'Compare with last version'. It should work well for VS 2005, 2008 and with some extra configuration for 2010.