Does upgrading the software on the chassis carry over to the guests?

host and guests are completely isolated. If you upload a new software image on the Host, it will synchronize it between the chassis slots (host) but you won't see it from the guests.

If that’s the case and my intention is to upgrade from 11.4.0 to 11.4.1, then I have to import/install the base software (11.4.1) and import/apply the latest hotfix (HF7) on each chassis and guest individually. When it's time to boot from the new volume on the chassis and guests, would I boot chassis "a" and then each of its guests, then repeat on chassis "b"? Just checking to see how people normally handle this. Thanks!

I would be sure to shutdown each guest before upgrading/booting the chassis. I don't know if that is officially documented any where yet, but that is what we have learned from experienece and our SE agrees. Once the chassis/host has been upgraded you can start upgrading you guests. F5 recomends only upgrading a single guest per host at a time to minimize resource contention. As for the image uploads, yes you will need to upload the images to each chassis and each guest. This has changed I believe in 11.6, however. In 11.6 images uploaded to the chassis are available to the guests.

Will do (and add that info to my docs) - thanks for the feedback, guys! =)