Suppose we have two categories such that presheaves on them are equivalent. What can be said in this situation?
That their Cauchy completions are equivalent.
Finn's answer, as expanded by Tom, is great. However, since the question is so broad ("what can be said?") let me point out that there is a different thing that can also be said. If $C$ and $D$ have equivalent categories of presheaves, then $C$ and $D$ are equivalent objects in the bicategory of profunctors. In other words, there are profunctors $C \to D$ and $D\to C$ whose composites in either direction are naturally isomorphic to identities. This is also a necessary and sufficient condition.
Both Finn's and my answer generalize to enriched categories and enriched presheaves; the only difference is that the notion of "Cauchy completion" is different. In general, it means completion under all absolute colimits.
Let $k$ be a field. If $A$ and $B$ are (small) $k$-linear categories with $K$-linearly equivalent categories of $k$-linear functors to $k$-vector spaces, then $A$ can be obtained from $B$ by a sequence of "contractions and expansions» from $B$. See Theorem 4.7 in this paper by Claude Cibils and Andrea Solotar.