Often a person has two fairly large text files and they need to analyze the specific differences.
The is frequently done during source control activities, such as when a developer compares code that's about to be checked-in with code that is already checked.
However if just have two text files containing data, there is no simple graphical user interface in VS for comparing the files, however it's still possible by doing the following:
devenv /diff file1.txt file2.txt
This will open the two files in Visual Studio and highlight the differences, just as it does when comparing files via the source control functionality.