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If you see your updated content within the "cached" page then chances are it's being evaluated, although note that the two are concurrent processes rather than part of the same system.
Another method, which may be more reliable, is to do a search like the below:
site:www.example.com/page "unique string of text"
You could use your updated text as the unique string to search for. This will tell you if the text has been indexed by Google.
Blogs and the like can get updated quickly without string links via RSS/pings.
If you mean an HTML sitemap, then if it makes sense to include the link, and the words are a good description of the page, then why not? :)