[stouset]

A conventional update takes place out of band.

If someone were to exploit a running Erlang process, the description of this feature sounds to me like they would have access to code paths that allow pushing new code to other Erlang processes on cooperating nodes.

[vermilingua]

Yes, but if they can exploit one process they can exploit any of the other nodes anyway, so there's nothing to be gained but a bit of convenience.