Bill (Mr. BIM Thoughts) shared this subtle bugger with me the other day.
Oooh boy... so Revit 2016 R2 is called Update3 behind the scenes if you look at the Control Panel\Programs\Programs and Features > View Installed Updates and Revit 2016 R2's update is called Update 1 for R2...
Phew...just when I think I understand the naming...
