I just look on CPAN Search. The main page for each distribution links to the main files, and you can also browse the entire distribution. You don't have to download or unpack the distribution.
You can also use the cpan command's -C switch so you don't have to enter the CPAN.pm shell:
$ cpan -C Some::Module
I don't know of anything that will show you the Changes file at once for all of the outdated modules though. That would probably be a bit of a mess in the terminal. You might be able to rig up something with the -O switch:
$ cpan -O | perl -anle 'print $F[0] if $. > 9' | xargs cpan -C
That's $. > 9
bit is there to skip the CPAN.pm output and the table header. It's ugly for sure.
If you wanted to do something more fancy, you could make that last part of the pipe some script to run cpan -C
individually and save the result to a file. Put all the files in a directory of Changes and Bob's your uncle. That's a lot more work than I care to do. I just update things and look at the Changes later if something breaks.