Since creating a component I have scaled it and made other changes to it which are reflected in all other instances in the model. When I select the same component from the Component tray it loads into the model the original, unscaled, unedited version. Is there a way to refresh the Library so it reflects components as I currently have them in the model?
What you see in the libraries (with the exception of the In Model category) are the components as saved to disk.
You can press the little arrow thingy in the upper right corner of the component browser and make it show two categories at once. Then you can drag a component from In Model into any other category.