After sitting on a ROM manager, CyanogenMod are moving to an over-the-air (OTA) updating system. Android Police report that the CyanogenMod team wanted to go down the route of an update solution that didn't revolve around closed source software.
This will make the entire ecosystem of the OS completely open source, so the team decided to build one themselves. The new updater is a revised version of the older version, which we saw in CyanogenMod versions 5 and 6. CyanogenMod 9 and above, will have the system look for an update at pre-selected times, and download the ROM if it is new.
The new updater will come backed into an update that should be available pretty soon - after you flash to the new update, go into Settings, then About, where you'll be able to set your update preferences.