Interesting question. Here is one way I can think to do it:
declare @minserts int, @mupdates intset @minserts = 0
set @mupdates = 0
merge into myhist as h
using mytrans as t
on h.pkey = t.pkey
when matched then update set h.description = t.description, @mupdates = @mupdates + 1
when not matched then insert (pkey,description) values (t.pkey,t.description)
select @minserts = @@rowcount - @mupdates
print "UPDATES: %1! INSERTS: %2!",@mupdates,@minserts