With your initial purchase you own the license and can use the version of the software you downloaded forever (unless you violate the terms of the license). You also get a free subscription with your first purchase that gives you all updates for an initial period (at least 60 days, and we sometimes offer specials for longer free subscriptions; if you think you signed up under a special offer send an email to sales@logbook.com and we'll look up your account and let you know for sure).
After your free subscription expires, there are two ways to get future updates (which include all new and improved features, bug fixes, etc.):
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Buy a subscription, which gives you all updates for a year.
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Do nothing initially. Then when you see enough new features that you want to buy an upgrade, you purchase the upgrade. At that time we also include a one-year subscription at no extra charge.
Subscriptions usually cost about half of what an upgrade costs, plus you get immediate access to any new features; that makes them the most popular option. However, if you think you'll update LESS than every two years, then upgrades can save you money over the long run.
You can learn more and see important terms and conditions at http://www.logbook.com/products/updates.aspx.