Audit history works well for scalar properties but is not intuitive for embedded pages. If there is a page list with 10 pages and if you would like to know which page is modified, it is not feasible. This document talks about the capturing the additional fields from a pagelist and display in the field audit history.
Please feel free to add any improvements/additional thoughts.
***Edited by Moderator Marije to change Content Type from Idea to Discussion for new PSC link***