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In general I suspect updates for typos will be more common than format updates. An exception might be Amazon since AFAIK the only ebooks it sells are for the Kindle. The issue with format updates, of course, is the variety of different displays to which the format needs to adapt. Maybe some day they'll develop an 'intelligent' format, but not even ePub is quite there yet. It's the closest I've found but still distinctly different on, for example, my Palm Treo vs my Android tablet. Haven't tried it on my wife's Android phone yet but it looks about the same on my tablet as on my PC so I think it should do well with 'modern' devices.
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