How often do updates tend to come about for the V1? Also, what exactly are the pros of sending them in for upgrades?

The main reason I ask is because of a recent situation. I was talking to a guy with a V1 about a month ago, and he mentioned that he had had this V1 for 3 years, but never sent it in for an update. He simply said that he felt no need in sending it in if nothing seemed wrong with it. Good or bad idea? I know it's not much money to get upgrades, but still, is every update necessary?