It is an interesting conundrum, with no pun intended. Tweakit has asked an excellent question!
I found this buried in the Windows Update Applet in Control Panel under Help and Support. Control Panel\All Control Panel Items\Windows Update\Change settings
To me, that statement would imply that under Microsoft's determination they are sure the user needs the checked ones, and not sure about the ones that are unchecked, but we are going to send you all the ones we have for this "Patch Campaign". We leave those up to you to install or not.
The patch Tuesday coming up next week is supposed to have 1 critical, and 6 important updates for a total of 7. It would be interesting for all of us to come back here next week and post how they were presented.
I would expect 1 would be checked, and the other 6 not.
If you go here Microsoft Security Bulletin Advance Notification for January 2012
Then click on Affected Software under Bulletin Information.
Then >Windows Operating System and Components.
Scroll down to Windows 7.
There it shows only 6 updates/bulletins 2 are not applicable, and nothing critical, only important.
I have seen here in posts made by members, recent campaigns were a user will receive the right total of updates, some have received less, and even some, more that what was listed.
So I might only get 4 updates, maybe none checked, only time will tell.