Hg Pull vs. Update to branch tip
Command line hg tells this:
$ hg help pull
...
Pull changes from a remote repository to a local one.
...
-R is specified). By default, this does not update the copy of the
project in the working directory.
vs.
$ hg help up
...
Update the repository's working directory to the specified revision, or the tip of the current branch if none is specified.