Starting with Joomla 1.7, there is an Update feature, that will check your installed extensions against their home repository for updates. The JED will specify which Extensions use this feature - for example: http://extensions.joomla.org/extensions/directory-a-documentation/downloads/3115
Of course, Joomla itself has an updater built into it now, too. Both Akeeba Admin Tools and http://manage.myjoomla.com will also help you keep your site up to date, warning you if it is not, as well as other security features which are useful for an Admin to utilize. -Geoffrey
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