I love Live Update for MSI boards; I use it when I don't want to be bothered figuring out which particular MSI board something is and having to manually download and install all the files. As for updating drivers, yes. Only upgrade them if something's wrong.
By the way, I work at a computer shop, so I'm referring to when I work on PCs. When an MSI motherboard is in a particular system, I use MSI Live Update