Hi Kamulko,
I have the same version as FreewheelinFrank, Version 1.5.0 (build 1.5.0_03-b07). I've also heard the update checking from within Sun Java isn't always completely reliable, so I watch for updates and do it manually.
Maybe I'm going to more trouble than is necessary, but I also uninstall the old java, reboot, and then install the new.