When our amendments were read before the general members our treasurer highlighted each change that were made so people would know the changes. As far as the actual copy of the by laws, we just changed them.

We just went through our two year annual review of the bylaws.
You will need to get a committee together, our bylaws stated 5 members and those members go over every bylaw. Make changes as necessary and take suggestions from the member, who have sent in their revision suggestions.
Our chairperson is our VP of the PTO and she did a wonderful job.
After going over all bylaws and suggestioned changes, she typed up Presentally Reads:, Proposed Change:, and Rationale:.
When it came time to present to the membership it was very easy. Also, the suggested changes that the Committee did not agree on were also done this way so that the membership could see the explanation as to why the change was no adopted.
I really don't think you have to go to such lengths. It really depends on the changes that need to be considered.
Hope this helps

What is the best way to document changes to your bylaws? Add an amendment page with the before/after changes detailed? Or just replace the old with the new?