I don't think that it's a good idea to use plug-ins and never do an update.
For example:
You are using jQuery and a few plug-ins that seem to work all right for this version, you're pleased with the result and decide to stop following the new updates on the used plug-ins.
jQuery does some updates on and after 2 updates you realize that your plug-in stopped working.
Ok, you might want to do an update on this plug-in. But it's possible that it stopped working a few weeks before you noticed the errors... I'll bet your visitors aren't very pleased with the malfunctioning website.
Ok, off course there is a smart ass who says that if you don't update your jQuery, your plug-ins will always work. True but the problem there is that jQuery will stop supporting older versions after a while. So i do believe that you try to stay updated on your plug-ins.
What is the best way to do that?
I guess rss, twitter and all those communities keep you up to date in a sufficient way.
If not, I just guess you are trying to use to much plug-ins.