Working with VMware Update Manager Server

Have you ever considered the best way to plan, design and work with VMware Update Manager (VUM)? In the early days using VMware 3.x when VUM was first released, I would end up installing VUM on the vCenter server itself. After all, that was the recommendation from VMware at the time. I propose that this is no longer the case and I would like to present a list of best practices to follow when working with VMware Update Manager. This list came from VMware, but should only be considered as a guide. Each environment is different and your mileage may / will vary.