I'm not so sure that it does. If you're talking about 06, I would install all of them in the order that the are given on the website. On the other hand, I think all that a hotfix - or service pack - does is replace dll and other program files with new ones that have code bugs fixed. So service pack 1 might replace something thats not covered by any future sp's. But if it's always the same files, I guess it wouldn't matter...