Entity "update" vs "create" API behavior

Looking for UX input regarding the expected behavior of the wsk CLI "update" commands:
1. Update an existing item; create the item if it does not exist
-OR-
2. Update an existing item; fail if the item does not exist

The former provides a shortcut way to always make sure a particular item is set the way you want it; while the latter will catch accidental name typos or incorrect expectations.

Currently, the online help describes option (2); however, the actual behavior is (1).