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I found that the older event args have a 'cancellable' property, but don't see a way to do this for the IUpdater. Is there any way to cancel an IUpdater while it's running?
As far as I know, it's not cancellable with a property that can be set in the way you're thinking.
However, you can cancel it by using the Failure API and posting a failure with a severity level of error at any time during the IUpdater. This will undo any changes made during the IUpdater as well as the action that triggered it.
See this post for more info: http://thebuildingcoder.typepad.com/blog/2011/11/lock-the-model-eg-prevent-deletion.html