Why not remove "development" from the update menu? For all the time (5+ years of use) I haven't seen a release there. If it's just "for developers" - I don't see any sense in this menu in stable releases.

+1 from me

No no no, it must be there, it's reserved for the Unicorn™. It has been foretold that one day a user chooses this and "7.0beta1" appears in Latest Version. He will then go and tell the others and everyone will rejoice. You can't be messing with this, it's important.