What kind of provisions are in your Employee Manual?

Employee manuals, in general, are good to have because it contains concrete company policies that employees and management can refer to if needed. However, manuals can be so detailed, they don’t leave room for discretion and this can cause problems in the future. My Firm (www.kendricklaw.net) has a one-page written policy with the disclaimer “may be changed at management’s discretion.” How long (or short) is your Employee Manual? What sort of provisions are contained in it? Is it updated? Does it need to be updated?