I turned one my computer one morning, and the adobe updater updated my photoshop cs2. What exactly is this? What would I lose out on if I didnt get the updates-just wondering. Thanks

The updaters are patches applied to your current version usually to correct bugs in the program. Sometimes they just contain foreign language patches etc. Adobe provides detailed info on the update content on its web site. If you do not feel comfortable leaving the auto update feature turned on, you can disable it and periodically check Adobe.com to see if there are updates.
Regards, Murray