[quote]I assume If want to update all the products regardless of options, I uncheck this box.[/quiote]
that's not quite how it works. If you uncheck the "Only Update <option name> Options" checkbox, then update the short description, for example, the change will apply to that product for all options in that category.
For example, if I create a Product and add an advanced option for size, and add Small Medium and Large as options. I can either have a unique short description for each options, or i can uncheck the "Only Update Large Options" check box and enter a short description that will be used for that product in all sizes