I have posted earlyer on this subject but it is often a topic in update, due to new versions of the products, therefore . . . after reading a post form Andrew Connell, why not direct you to his opinion.
Personally my development environment is very similar but with previous versions of Windows and SQL, because most of my clients are still in that stage. Regarding the Infrastructure updates and Cumulative updates I personally think you should use them depending on the scenario you have, it is the advice of Microsoft apply updates if they are directed to solve your problem.