Windows 7 (SP1) comes with the following .NET frameworks 1.0, 1.1, 2.0, 3.0 and 3.5 support AFAIK. If you need .NET Framework 4.0 support then your clients need to download the at least Microsoft .NET Framework 4 client profile.
I have just verified Windows update on a clean Windows 7 Home Premium installation. Directly after installation Windows Update offers a security Update for .NET Framework 3.5.1. But no .NET Framework 4.0 is offered by Windows update at first run of WU. I am going to install the patches provided first and then report if .NET Framework 4.0 is offered at a later stage.
Update: Just entered the second update round on my VM and now I am offered 6 important updates only. Still no .NET framework 4.
Update 2: I just had to do another 2 rounds of Windows Updates and now "Microsoft .NET Framework 4 Client Profile for Windows 7" is provided through Windows Update.
So yes, it seems to be automatically deployed if WU is enabled. Either you need to make sure really all updates are applied or you just go for the download link provided above.