
My policy has always been "spit out an update when I have an update to spit out." This sometimes leads to multiple revisions within 24 hours, when interesting ideas and/or hideous bug reports are flying around on the forums.
Slightly annoying to people who are hawking the threads and caught every update... perhaps. But for those who check less frequently (the majority I think?), why make them wait for good content when it's otherwise ready? If it's a bug fix, they'll want it ASAP. If it's a feature upgrade, they can decide on their own whether they care to snag it or wait.