I would find the option to update on selective things to be more valuable. I would happily update security-only updates, but maybe pass on others, such as updates to the UI, or general functionality of the device. What I dislike more than anything is when I am forced to update for non-security reasons; for example Microsoft products!
The biggest thing we've got wrong with the modern approach to update is, in my opinion, combining security updates with feature updates. They should be separate. You always want security updates. You may not want feature updates.
I've thought for a long time that it would be nice to have versioning at the function and data structure level. Not to mention tools to auto-build a wrapper around newer libraries. Even if incomplete it'd sometimes do the job.
