In the default SharePoint “Issue Tracking” list you have the “Comments” field. Every time you add text to it and save the item, it is stored and the current text is added to the previous. You can get the same behavior an ony other multiline textfield in SharePoint 2010 you create. When you create the field, check the radiobutton to “Append Changes”.
That will get you a normal multiline textfield. If you save the field and edit it again, the previous changes are not stored!
So how can we make it so that the changes are saved? Go to your list settings and enable Versioning on the list.
If you go back to your item, you will see all previous text is now saved underneath the field and you can append your own text.