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Pete,
My guess is that the missing connecting piece you're looking for is this: Kobo wants you to get updates through the over-the-air affiliate feeds. The piece-meal roll-out, as Davidfor said, is for testing and making sure there no major bugs before everyone gets it. My guess is that they don't make it available at kobo.com until the affiliate roll-out is over and they're satisfied the roll-out is free of major bugs.
Not sure that's correct, but it is what theoretically makes sense to me.
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