Revise to a new revision would be a secondary option after the download to your workspace.
In a large assembly or drawing, you do not always need to revise all of components. In fact, you don't always need to check them out. On my system, users cannot checkout library items. Released items need to be revised before they can be checked back in.
Thanks for the reply Ben. I'm not certain if it's the way our system is configured or it's this way regardless of set-up, but (3) separate steps seem to be required when dealing with "released" items. Frustrating that this cannot be streamlined easily in this day & age.