The Software Update feature in Mac OS X does a great job of keeping your OS and related apps up-to-date, from my perspective. (If you’ve ever had to live with Windows Updates then you know where I’m coming from.) My only problem with the Software Update, it turns out, isn’t really a problem at all. I recently learned from the Mac Observer that I can stop Software Update from notifying me about certain updates. For example, on my Power Mac I don’t have an AirPort card. Yet, Software Update has been insisting for the past 8 months that I download the most recent update for AirPort. To stop these updates from showing up, simply select the non-desired updates from the list and in the file bar menu choose Update > Ignore Update. Should you suddenly need to see these updates again, choose Reset Ignored Updates from the update menu.
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Actually fails to answer one of my questions regarding this service. Namely, if if turn off iTunes update 6.1.2 (example), did I keep it from nagging me about just 6.1.2, or will a future 6.2 be hidden as well?
I'm pretty sure it will just ignore whichever specific updates you tell it to and not make value judgments on which updates you might like to install in the future.