Greg's suggestion takes care of your inserted text. To also deal with the deleted text you need to add a condition for it
Code:
Sub acceptChanges()
Dim oRev As Revision
For Each oRev In ActiveDocument.Revisions
If oRev.Type = wdRevisionInsert Then
oRev.Range.Font.Color = wdColorBlue
oRev.Accept
ElseIf oRev.Type = wdRevisionDelete Then
oRev.Range.Font.Color = wdColorRed
oRev.Range.Font.StrikeThrough = True
oRev.Reject
End If
Next
End Sub