if you were to DL the latest version (2.05.1) and burn it to a CD, then thats all you get.
you cna check what the current versiony uo are running in 2 ways. start the game, and in the upper left corner it will show the version / patch.
-or-
open the C:\Program Files\HTC\Aces High II folder, and look for the "readme xx.xx.xx" files. the most recent will have the highest number, and that is which version you currently have.
as far as updates, well....
therotically HTC could issue a 30mb patch tomorrow, and another the next day, either way your CD would be out of date.
basically there is no way to stay current with the game via CD unless you DL and burn each full new release. since i dont see them linking to the manual patch on the home page anymore (EXCEPT this most recent), you will have to fully DL, and burn the whole AH installer each time a patch comes out.
thats my take on the situation.
BTW it is AH ii as in the letter I not 1(one)1(one)