Andrew,
Yes, I think the way it works is, no matter what build you are using, it pulls the latest plugin from the host server during that little pre-build pause when you build for the simulator.
I agree it’s asking for lots of confusion and potential mayhem when we don’t have any transparency into the plugin development or communication with the developers who make them. For example, the Vungle support guy was very nice via email, and they were pretty timely with their update, but even though I requested they post here when they updated the plugin they didn’t. So how would Corona users normally know that a plugin was updated, if only to test it in their own apps to make sure it doesn’t introduce a new bug? And if it does have a new problem how can we roll back to a previous version of the plugin? (A: We can’t!)
I would really like to hear what Corona Labs has to say about this issue that you raised here and in your other thread, but I’m afraid it’s a messy problem without an obvious solution.