Every quarter an offical stable version is released. When a new version is released, a message may popup in the GUI.
Starting from version 1.24.0, you can automatically update from within the product by running "Check for Updates" from the Help menu.
If you want to live on the bleeding edge, you may also run updates from the nightly section. The nightly update site may contain unstable software so be prepared for the occasional surpises.
When MiWorkplace is started for the first time, a workspace directory is created. This directory contains your downloaded sources and possibly some other stuff.
You can have multiple workspaces. Workspaces can be switched by using the File menu and choosing the "Switch Workspace" option.
In older versions, when MiWorkplace is started with a double click in the file manager, the workspace folder is created in the application folder. You can move the workspace directory to a different location and then point to it by using the "Switch Workspace" menu option described above.