I have a subscription to receive updates on the issues I am watching. But I never got any e-mail, and the issues have been updated. The system shows "Last Sent 16/May/12 11:37 AM" but I never got anything.
That's exactly what I was trying to say :)
Perhaps, I should have clarified/separated my answer into 2 paragraphs:
I'd check if the project has a notification scheme associated to it.
Otherwise, If you are the one who made the update (as for "I have a subscription to receive updates on the issues I am watching") in the JIRA issue, make sure you choose JIRA to notify you on your own changes - go to your profile page, and change this setting.
I know this particular issue is solved, but for others that come across this: we have an all-encompassing knowledge base article over at http://confluence.atlassian.com/display/JIRAKB/Notifications+Troubleshooting.
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