Defines the contract between 2 modules. Cannot have any implementation.
Most languages allow you to implement multiple interfaces
Modifying an interface is a breaking change. All implementations need to be recompiled/modified.
All members are public. Implementations have to implement all members.
Interfaces help in Decoupling. You can use mock frameworks to mock out anything behind an interface
Interfaces normally indicate a kind of behavior
Interface implementations are decoupled / isolated from each other
Base classes
Allows you to add some default implementation that you get for free by derivation
Except C++, you can only derive from one class. Even if could from multiple classes, it is usually a bad idea.
Changing the base class is relatively easy. Derivations do not need to do anything special
Base classes can declare protected and public functions that can be accessed by derivations
Abstract Base classes can't be mocked easily like interfaces
Base classes normally indicate type hierarchy (IS A)
Class derivations may come to depend on some base behavior (have intricate knowledge of parent implementation). Things can be messy if you make a change to the base implementation for one guy and break the others.