Using up2date-2.1.7-1 there may be a bug which causes it not to pick up certain upgrades for unknown reasons (I am running it with no exclusions). I had installed a piece of software on another Redhat 7 server which had just been built and updated with all the latest components; the software would not operate properly on the new server... the exact same piece of software (from RPM) had been installed on my original Redhat 7.0 box without problems. I noticed in debugging the problem that the version of php on the new server was php-4.0.3pl1-3 checking my original server the version is php-4.0.4pl1-1 yet running up2date on the original server indicates that no updates are required/available. Should not up2date be telling me that there is an update for php?
PHP update problems have been corrected on the server. Re-open the bug if you continue to have problems please.