Update Library (specific) or Update All Libraries does not update
schematic or board with library changes.
The only work-around is to open the schematic and "pretend" to add the
revised component, acknowledge the "updated" messages, and then escape
(cancel) the addition.
This is unacceptable behavior.
Eagle should check for updated devices/packages whenever a board is
loaded and prompt for update or not. And, Update Library should WORK!!!