I don't mind either way, as long as it's done well. Don't try to make it look animated by giving me a powerpoint slideshow I have to click through or animate it with stiff, robotic animantions.
I prefer smaller updates every month or so, but if it's every 4-6 months (or even more) I except a significant sized update to reflect the time taken. Smaller updates also show the devs are still working on the game. Far too many take months to release an update, produce barely anything and then...
I've played plenty but have supported pratically none. Far too many devs out there milk their supporters by needlessly dragging the game out or spreading updates further and further apart. A team needs to have a proven track record or been consistant enough for me to be happy supporting them.