It is my understanding that the current CI offered by Advanced Bionics (HiResolution 90K with Harmony speech processor) offers 120 spectral bands through their Fidelity 120 software.
In their early advertisements concerning F120, Advanced Bionics referred to 120 spectral bands as 120 channels, but was required to change this information since it mislead the public.
I'm sure as CI technology continues to improve, we will see an increase in the number of spectral bands that are offered.
However, at this point, it has not been proven that more spectral bands necessarily means better speech understanding.
As for your question about whether or not I will upgrade my CI when it becomes outdated, my CI company offers backwards compatability meaning that whenever a new speech processor is released, I can take advantage of the new technology.
As for upgrading the internal components of my CIs, in my case I would see no reason to do this unless I was experiencing problems which necessitated a reimplantation.
In addition, I highly doubt a CI surgeon would replace someone's older CI unless there was a medical reason to do so -- unless the CIer had the financial resources to have the surgery performed.