yeah wont be updated as COD2-The_Pope said. PES 2010 will have all those updates and you will have to do it yourself for the moment. I have done it so far for all teams took a while and it does leave a little hole in the game where some teams are kind of undermanned. One example, after taking away Ronaldo and Tevez from Man.U the attacking options became more limited etc... Other teams end up losing their best 3-4 star player and some cases a 5 star and the team is kind of left dead in the water, not entirely but if it was attacking player, sometimes you just wish you had that player with the 80 stats to get that winning goal with 10mins left to go.
If you still want to keep playing PES 2009 up until the 2010 release I am working on a save file for all kits and transfers etc... nearly done just PM me if you need more info.
If update you mean my save file - my kit, logo, emblem and transfers pack then yeah you would need an SD card. Honestly you can get away with a 512Mb card but I wouldn't get anything less than 2Gb, I have a 4Gb and downloaded about 50+ things from the Wii shop and I am not even half full.
Though with that all your hard work on Champions Road / Master League / Cup data will be gone if you use my file. But you do get all the kits outfitted close as I can make them, all the correct emblems and stacks of logos to customize your own team (PES United and WE United also have full kits)
If you are talking about just the update you need to play online then no you don't need one. That will just be saved on the internal memory of the Wii.
Hope that helps.
P.S - I have finished all kits logos and emblems for non licensed club teams plus I have added Bayern Munich to the team line up. Only just started on countries but I am only going to add emblems for the popular countries,. The rest will have full kits just not the emblem, they will use the flag instead. Countries will take me about 3-4 days. I am about 75% on the transfers and nearly finished fixing up Bayern Munich's player stats. I will post a 1.0 patch soon. If you email me I will send you the link once it is up - firstname.lastname@example.org