From my experience from switching an application from 1.5, 1.6 to 1.7 over the years you can find most of it in the Update Release Notes however its not always clear what input some changes have to performance or heap space. I notice a increased heap space in some Java 1.6 updates without any changes to our software or any hint in the release notes. But overall I recommend to update to the newest versions, because not only security issues are fixed but also there are sometimes improvements to the garbage collection and you do not fight against strange old bugs which are already fixed by oracle.
But in the end its always a good idea to do some performance tests by your own when updating Java if the performance or heap space is important for the users of the application.
Update:
Some releases have a complete list of bug fixes done. For example Release Notes Java 7 Update 6 has a link JDK 7u6 Bug Fixes. The bug database of Java can be found at this but its not very search or user friendly.