Jooel,
Not sure I follow...
The first post of the thread has the UDF. If, in successive posts there is mode code posted, ppl would have to scour through the entire thread to find the updated code. This is a bad thing.
If there is some reason that the author would want to keep both the old and the revised code, perhaps to demonstrate a point, then both should be placed in the first post. Likewise if one were to post a collection.
If someone else were to post (a reply) their version in another's thread, that person should then start a new thread (as long as it is production worthy) and provide a link to it.
Bottom line is... all production worthy code should be in the first post.
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Give a man a fish and he will be back for more. Slap him with a fish and he will go away forever.