We are having a similar issue here in our office. I have been georeferencing .tiff's in ArcView and now ArcGIS for the past 10+ years and with this new udgrade to ArcGIS 10 whenever I georeference a tiff it will not stay put (doesn't matter if you select rectify or update).
Please advise how to georeference a tiff and update, rectify in this program "upgrade" to ArcGIS 10 as it is not how it used to be in ArcGIS 9.3 and the articles you attached to the previous responce do not help with this issue.
Thank You,
Morgan Frazier