I update my game often because of the feedback I receive... I think a lot of updates are ok if the downloads and download rate are low .. Once it begins to pick up I don't think a new update should be released too often...
I have been releasing updates because of partnerships, adding new levels and modes, and fixing bugs pointed out by various users. My game is now seeing a higher download rate and at the same time I am not planning a new update anytime soon. Next update will be to add more levels if game continues to grow or fix bugs for my users.
Summary: It depends on the status of your app.
A lot of download and high download rate = Few large Updates
Small number of downloads = Either one is fine depending on the app's need