The command to see what gems have more recent versions and can be updated is bundle outdated. This will show you all gems that could be upgraded, but unlike bundle update, will not actually update your gems (changing Gemfile.lock and installing new gems.)
It will output something like:
$ bundle outdated
Updating git://github.com/panozzaj/andand.git
Fetching gem metadata from http://rubygems.org/.......
Fetching gem metadata from http://rubygems.org/..
Outdated gems included in the bundle:
* ZenTest (4.6.2 > 4.5.0)
* activesupport (3.1.1 > 3.0.9)
* builder (3.0.0 > 2.1.2)
* i18n (0.6.0 > 0.5.0)
* activemodel (3.1.1 > 3.0.9)
* erubis (2.7.0 > 2.6.6)
* rack (1.3.4 > 1.2.4)
* rack-mount (0.8.3 > 0.6.14)
* rack-test (0.6.1 > 0.5.7)
* actionpack (3.1.1 > 3.0.9)
* mail (2.3.0 > 2.2.19)
* actionmailer (3.1.1 > 3.0.9)
* arel (2.2.1 > 2.0.10)
* activerecord (3.1.1 > 3.0.9)
* activeresource (3.1.1 > 3.0.9)
* devise (1.4.2 2a5ad46 > 1.4.2 e76ba05)
* railties (3.1.1 > 3.0.9)
* rails (3.1.1 > 3.0.9)
* sequel (3.28.0 > 3.20.0)
* sinatra (1.3.1 > 1.0)
To break it down, “sinatra (1.3.1 > 1.0)” means that I have version 1.0 and version 1.3.1 is available.