We didn't get updates all the time back then because we didn't live in a "beta" world. However items, even electronic ones, were more basic back then. And nowadays, if you can't deliver a product quickly, even if it isn't 100% ready, then you're already way behind the competition. Regardless of what a contract says, it is pretty much implied that constant evolution of a product is guaranteed, particularly for a higher end product.
Could you imagine that the PS3 would still be selling if it was the exact same product it was when it first released or if they only provided new firmware only if you bought a new PS3?