You may try a solution along these lines:
tol = 0.1;
N = 1000000;
a = randn(1, N)*1000; % create a randomly
b = a + tol*rand(1, N); % b is "tol" away from a
a_bin = floor(a/tol);
b_bin = floor(b/tol);
result = ismember(b_bin, a_bin) | ...
ismember(b_bin, a_bin-1) | ...
ismember(b_bin, a_bin+1);
find(result==0) % should be empty matrix.
The idea is to discretize the a and b variables to bins of size tol. Then, you ask whether b is found in the same bin as any element from a, or in the bin to the left of it, or in the bin to the right of it.
Advantages: I believe ismember is clever inside, first sorting the elements of a and then performing sublinear (log(N)) search per element b. This is unlike approaches which explicitly construct differences of each element in b with elements from a, meaning the complexity is linear in the number of elements in a.
Comparison: for N=100000 this runs 0.04s on my machine, compared to 20s using linear search (timed using Alan's nice and concise tf = arrayfun(@(bi) any(abs(a - bi) < tol), b); solution).
Disadvantages: this leads to that the actual tolerance is anything between tol and 1.5*tol. Depends on your task whether you can live with that (if the only concern is floating point comparison, you can).
Note: whether this is a viable approach depends on the ranges of a and b, and value of tol. If a and b can be very big and tol is very small, the a_bin and b_bin will not be able to resolve individual bins (then you would have to work with integral types, again checking carefully that their ranges suffice). The solution with loops is a safer one, but if you really need speed, you can invest into optimizing the presented idea. Another option, of course, would be to write a mex extension.
A(i)withB(i)? Why not post the existing for loop code and people might be able to suggest improvement from there. - weston