One needs a reboot, one doesn’t.
One update, KB2718704, will not need a reboot on Win7, Vista, Server 2008 or 2008 R2. On XP and server 2003 it will.
The WSUS update KB2720211 will need a reboot.
KB2718704 is revoking a certificate used in the Flame malware spoofing, KB2720211 is hardening Microsoft update/Windows update and WSUS so that it cannot be used/tricked into a deployer of malware.
As I said in New Orleans ITPro2012 conference, this appears to not have been done by the bad guys, but by the good.
I have yet to see on standalone machines get their windows update agent version updates. I’ll let you know when I see that happening.