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We do have 2 sites with similar contents in both and images are also same in both. But the sites are under different domain like .com and .co.uk
Anybody has an idea, if I need to change the content on all the pages of one site.
Yes you may encounter duplicate content issues, causing one site to rank and the other not, and you are splitting your link popularity between two sites ( why have 2 sites each with 10 links pointing to them when you could have one site with 20 links pointing to it) but more importantly you are likely to confuse your visitors.
Is there any thing stopping you using a 301 redirect to redirect one url to the other, that way you can use both URL's but only have to worry about one site.
Personally when reading a site I generally feel more comfortable when it's in my language (UK English), and when it's got US English everywhere I kinda get the feeling the company is not in touch with what I need.