I am using SQL Server Management Studio 2012 and am trying to update the Fonts and Colors using my Visual Studio dark theme settings and in doing so, I've found something a bit weird:
UPDATE is being colored with the color assigned to the SQL System Function display item.
SELECT, INSERT, and DELETE all are colored with the color assigned to the Keyword display item.
So the question is, why is the Keyword UPDATE being considered as if it were a SQL System Function?
UPDATE
I have noticed that this same issue also occurs in Visual Studio with the 2012 version of the SQL Server Data Tools installed. This may also be an Intellisense bug.
I have reported this as a bug at Microsoft Connect under SQL Server.