In the Extensions Panel there are Reload, Settings and Uninstall buttons. There needs to be a "Check for Update" button as well, that becomes a "Update to Version x.xx" button if a new version of the extension is detected.
Additionally, clicking on the name of an extension in the Extension panel should open that extension's page in a new tab.
Currently the only way to update extensions is to list the Chrome or Firefox page, see if there's an update, uninstall and reinstall if there is. This is cumbersome and worst of all, you have to redo all your settings for that extension.
This is a problem for Orion because it discourages users from updating their extensions and therefore experiencing extension-related bugs – which people will likely blame on Orion. I've had this happen to me several times: I thought I'd discovered bugs in Orion but it turned out they were the fault of outdated extensions.
There is already a suggestion for auto-updates of extensions, however updating them automatically can also cause problems. That's why I'm making this seperate suggestion for easier manual checks and updates.