It has been reported that with MySQL 5.1.x and the INNODB storage engine the "ON UPDATE CURRENT_TIMESTAMP" clause for TIMESTAMP types is not functional! Sometimes such timestamp for a row will update even if there is no change in any other column.
Refer to: http://bugs.mysql.com/bug.php?id=29310
MyISAM tables work as expected/as documented. It is not known if any 3rd party engines are affected.
Probably all MySQL 5.1 versions before 5.1.21 are affected by this bug.