I think this is critical to an ongoing relationship with your players, but it depends who your players are.
For example, I love Space Engineers, its a kickass game, but what keeps me coming back and talk about it so much to friends is that there is something new EVERY WEEK.
Even more, what they add is often the thing people ask for, not just a cryptic item off their secret secret list.
Keen Software House (the company behind that game) has made a gamble: no marketing, just word-of-mouth, and it paid off (over 1M copies sold actually). They've decided to care about their user base and make this their actual marketing campaign.
It worked with that crowd of wannabe engineers and other sci-fi adepts, but may not have worked with, say, soccer mums...
Some games cannot exist without said updates: for a number of years, companies has been actively creating slots machines or level-based games (Candy Crush) and delivering content week after week. It would not have worked if they've put all of the machines there upfront, because the life length of the app would be greatly diminished by hardcore players. Plus, they would've needed to spend so much money on the creation of these machines that it would've been a very big gamble on their part.
Instead, they start with a few levels and build from there, investing the profit they make in sales in making additional content for the fans that have been patient with them.
Then, there are other games that feel entirely finite and wouldn't really benefit from updates all that much (particularly single-player experiences where DLC wouldn't necessarily apply). It is safe so say that these can exist without updates, and probably do better that way, but it is still ideal to keep close watch over comments in case any glaring issue pops up and needs fixing. There's no adding any content, but it can make things smoother for the players that are trying to enjoy the game.
So there you have it: Yay/Nay!