Recently I purchased a brand new high end thermostat for my home. It is completely digital and a real fashion statement. Does it require any software updates in the future? If it actually does have some type of software running on it?

Yes.Most homes have a manual adjusting thermostat where you move a lever to a certain temperature and if the temperature in the house rises or falls above or below the setting, then the furnace or air conditioner kicks on to reach that initial setting. One downside is that homeowners tend to raise or lower the setting based on how their body feels. This could possibly raise your electric or gas bill because the amount of time your furnace stays on can decrease if you choose a programmable thermostat.

To alexrock23, wouldn't the bill decrease if the furnace isn't on longer with a programmable thermostat? While the programmable ones are more difficult to use, the ability to automatically control the temperature to multiple desired settings dependent on time of day is such a convenience and a money saver. You don't know how many times I forget to turn down my a/c before heading out the door.