This is one of the most used commands xlCompare does this work in a seconds. All you need is to open workbooks you want to merge and select Remove Duplicates command:
When you select Remove Duplicates command, xlCompare does the following:
Like the Merge command, this one does all work itself and gives you result in single click.
This command doesn't add color formatting, it just gives you list of records.
On image below you can see typical results on the merge command: