"jQuery Update Missing" notice even though jQuery update 1.10 is installed

    $jquery_version = variable_get('jquery_update_jquery_version', '1.5');

So, jQuery Update module doesn't actually set this variable until you actually submit their settings form. This causes an erroneous notice in ZF that jQuery Update is not installed. At the very least the notice should tell users to submit the jQuery Update settings form or perhaps another way of detecting the jQuery update version can be used.