Currently, Patch Manager has the ability to send email notifications when a synchronization with the third-party catalogs detects new updates. However, it is an all or nothing deal so the emails look like this*:
I don't care about the updates that get auto-published. However, I need to know when Adobe Flash Player, for example, is updated so I can grab the installers and import them into Patch Manager. I don't want to add to the alert noise if it's just Firefox and Reader being updated since those can be both auto-published and auto-approved.
*This is a new synchronization so it is an extreme example but the point stands regardless.