I've recently been editing my portfolio. There has been some updating as well, but mostly editing. What I mean by editing is including the work that I love and want to do more of and removing the work that I maybe also love, but probably don't want to do more of.
This is a tricky balance. I have some pretty high level work that I am proud of working on and being a part of, even directing, but it's not the work that I want to grow into. It's not the work I want to be hired to do more of, and ultimately not the work that really brings out my enthusiasm and expertise. I think it's important to be honest with oneself when editing and updating a portfolio, and ask, "is this what I want to be hired for? Is this the kind of work I want to fill my life, time, and energy with?"
Just because it's work that you did well once, doesn't mean it's work that you should keep doing.