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I have, in the past, seen update/replace take days and in the mean time the course looks like someone flipped it upside down and shook it. So, you are not alone in seeing this behavior.  As a result I know of some companies that choose to reversion only and not even mess around with update.

Personally, if I have an update I need to do, and by update I mean small tweaks to text or images, not wholesale changes to slide number or order, I tend to push those out the night before a holiday weekend if it can wait that long or at least overnight if it is urgent. A reversion, can be pushed out any time but then you have to decide who is getting the updated version (everyone vs. new registrations, etc).

I haven't "zeroed out" as Will suggests in recent memory  Although on one occasion I somehow broke the whole course when "zeroing out" and ended up versioning anyway.

Of note, when updating, I have seen some impatient souls attempt to push out multiple updates when the first one didn't show up. This never goes well. Do your self a favor and put a version.update number on your first slide so you know it at least took (e.g when version 1 is updated the first time I put a v1.1 on the first slide). Also note just because you see your update number change on the first slide, doesn't mean the whole update is complete. Patience is required for update/replace.