Funny, I have to agree with both Morbus and Vailr.
"Don't fix it if it ain't broke."
and
"There may be better performance or stability in new BIOS revisions."
The drivers for SATA, Audio, Chipset and LAN should be updated with newer versions without question -- IF -- IF! -- you are troubleshooting some sort of instability or functionality problem.
BIOS update would be imperative if the update addresses a problem which you also experience. the down-side of that: You need to write down or take screenshots of your "overclock" profiles in case you need to re-create them. Of course you're going to update your BIOS by reverting the system to stock settings. It is also likely that you would lose those over-clock profiles if you created them, so you would want to take the screenshots or notes.
It is also possible - for instance, with the 1155-socket motherboards -- that either the later chipsets (z77 versus z68) or later BIOS revisions are "optimized" for the later generation processors (Ivy-Bridge, in that case). There may be reason therefore to be a bit reticent about updating the BIOS to the latest version, while an intermediate version might be your best bet.
As to the "updater" programs. I'm just sort of "old school:" If I don't need third party "intervention" software, I won't use it. I see a lot of these "Download Drivers" web-sites, and I'd rather get my drivers from the motherboard maker. But this is why we have these forums: Some brave soul my hang his A** over the edge of the envelope and do something with no adverse consequences, and those of us more timid folks may want to hear about it.