From ppm3 help:

upgrade    - shows availables upgrades for installed packages
[download]

I can't say that this not working seems like a big issue, for me anyway (glancing at the module upload lists every now and then to check if I really need to upgrade an important module.) - perhaps for a professional sysadmin this is important though?

Cheerio!
Osfameron
http://osfameron.perlmonk.org/chickenman/