Debbie, most of your questions will be answered here - (and you'll also be able to see what the software screens look like if you scroll down the page and click on the appropriate link; additional information can be found by clicking on the buttons on the left side of the page)... http://www.yulelog.com/
Todd makes available updates in the late summer or early fall of each year. Last year the update cost $23.
If you become a registered user of the software now, you'll be provided ornament information through 2011. If become a registered user of the software after this years annual update, you'll be provided ornament information through 2012.
Hope that helps,