For me, it has triggered the phone to pull the update.
I think Google may have built some sort of update throttling mechanism into their OS and update servers. I think that pressing the "check for update" button like a rabid monkey does nothing but update the last chcked time displayed on the screen if Google doesn't want you to actually check again yet.
I've pushed that button and had no update available, knowing full well that there is an update out there. Clearing the Google services framework data and then clicking check for update again immediately has turned up the update.
-SF