Mark,
Microsoft has been hinting that they may do away with SQL Server Service Packs in the fairly near future. Personally, I suspect that SQL Server 2014 SP1 and SQL Server 2012 SP2 may be the last Service Packs that Microsoft releases for SQL Server.
There has been much debate over the years about whether to apply CUs or not. Many people use Microsoft’s scary language as a reason not to apply CUs, which I think is a mistake. Applying CUs (after appropriate testing by your organization) is a good idea, in my opinion. Nobody says you have to apply every single CU.
The KB article might convince more people about the benefits of applying CUs.
Recommended updates and configuration options for SQL Server 2012 and SQL Server 2014 with high-performance workloads
https://support.microsoft.com/en-us/kb/2964518
I would have expected CU7 to be out by now. Maybe the SP1 issue has delayed it.
Chris
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