If I'm not mistaken, it should actually say 'Free Upgrades' until 08/20/2012. This is different than updates. A Brain 7 Pro License includes all Minor Updates for the life of the version, i.e. TheBrain 188.8.131.52 to 184.108.40.206. It does not, however, include Major Updates 220.127.116.11 to 18.104.22.168 or Major Upgrades TheBrain 7 to TheBrain 8 after the date indicated in your invoice.
In other words, any updates that occur to TheBrain 7, including bug fixes and minor changes, will be free and included with your Pro License continuing on past the specified date. The cutoff date mentioned only applies to Major Updates and Upgrades.