I'd much rather have far fewer updates where they fix current bugs. And then test it long enough to be sure they aren't introducing new bugs before actually pushing it onto everyone's readers. If it works as it should, you shouldn't need constant firmware updates.
My only reader before this to make any comparisons is the Sony x50 line. Only 1 firmware update that I'm aware of, but that's because it wasn't buggy, it just worked as it should and was as stable as you could get.
When users are purposefully avoiding downloading new firmware, Kobo has to realize there's a problem with their methods.