I always use autonumbers as PK's so Cascade Update has no meaning because of the way Combo and List boxes work. If I have a multi-field unique identifier (more frequent with junction tables), I never want to create a compound PK so I create a multi-field unique index and an autonumber as the PK and always use the autonumber for joins. When I have a unique identifier from a different application, I don't use it as my PK so I never have to worry about cascading a change. What I do is to create a separate unique index on the other system identifier.
I do frequently use Cascade Delete though. I prefer to allow the database engine to do the work for me and I have enough experience with RDBMS' to know which relationships would need Cascade Delete and which would NEVER need to cascade deletes. The relationships that should use Cascade Delete are the ones where the child records have no independent meaning of their own. Order Details is the common example. There is no relevance to these records without their parent Order Header.