I would like to be able to 'link' colors and layer styles stored in my collaboration library, so that any changes made to them, will also update all uses of it. Currently this behavior is limited to smart objects and linked files
Ditto! Right now I'm not sure how to use all the differing styles/libraries features. e.g. I want to create buttons that I can edit the text and width of depending on the button, apply a particular text style, and if I want to change the button colour it should update all my designs. I can't do this with smart objects. Libraries looked really useful as I can put the style for the button background and the button text in the same place - but it doesn't update existing elements if I change it. I may be able to do this with a mix of styles / character / paragraph styles, but explaining to the other designers how this all sits together may not be worth the effort.