EDIT Jan 10 2017- OK so what it does is only update the Plugs and VST's for the version selected. It does not update the Version. 
 
I've clicked it a few times and when all is said in done it didn't update diddly squat? 
I just did this with Platinium on my Laptop. My version was 22.10 so I hit update all and after it ran I'm still 22.10. SO I'm just re doing it all again but this time It didn't have the "update all" icon, just the "update". 
 
I sort of assumed that "update all" would bring everything to do with Plat up to date. 

It updates all products you own on the list for which there are available updates for
so you can update them all in one go.

Well That's what I would have thought, but it never does for me. I've clicked it a few times now and then and I'm lucky if it updates the shown product. Lot's of red spots afterwards. Oh well, doesn't matter really. 

Same here. I stopped using it. Currently staying with September release.

update all doesn't work either for me as well.  When a sonar update happens...usually documentation, etc needs updating also.  Even when other stuff had the "yellow light"... ALWAYS had to do them individually.  Update all is a placebo  ;-D

Well as usual, I'm glad it's not just me,  we all suffer abuse together around here :)  
 
I try and download everything to my laptop and keep it up to date. I back that to a external drive and transfer over to the main DAW.  So an "update all" that actually worked would be dandy.  I'm still using October on my main DAW but I keep my laptop up to date. Half the time I never even run the version that's on it as I only use it a few times a year for live recordings. But I just want to see those light go green.
Another bug a boo that is sort of annoying- 
 
I hide a bunch of stuff I'm not interested in like loops. I see they can be retrieved from the options page. But you can't hide some stuff. I started with Professional and upgraded. My version of Professional and all it's content take up a lot of the list. Every time ccc opens it expands Professional and it's list and not the Platinum's list. There's no option to hide Professional, only install or delete files!  That sounds scary, What happens there?  I guess I've got nothing to loose buy ditching it completely. It was from Summer 2015. Good stable DAW but I'll never use it. And there must be a way to get it back on the CCC list.     
What's with this too-  you update something and when done you go to return to CCC list and it takes almost 5 minutes because it's checking all this stuff again.  It even checks the stuff I hid. 
Well enough belly aching. 
Other than these seemingly minor bug a boos I like the way it works now
 It's snowing hard so time to get some fresh air and shovel the walks...again..

Same for me, guys! It would be nice if it worked. If it is not useable, why not get it off the list?

Agree... Doesn't work!

Cactus Music
Well That's what I would have thought, but it never does for me. I've clicked it a few times now and then and I'm lucky if it updates the shown product. Lot's of red spots afterwards. Oh well, doesn't matter really. 

It's been awhile since I've tried Update All and do remember it NOT updating ALL.  However, I just wanted to say  updating isn't supposed to do anything with the red spots.  These are software NOT installed.  Available updates are shown by yellow spots.
 
(but correct me if I'm wrong - my wife does all the time!)

It also doesn't work for me.