Hi John,
Replicate Client packages and LiveUpdate content" between local sites and partner site, does that means any changes that I made in either one of those SEPM will be reflected on the other SEPM ?
--> No it's not 100% correct.
If you look at this article https://www-secure.symantec.com/connect/articles/replication-and-considerations
You will see picture stating what is optional and what is mandatory.
By default when you do any changes in policy and groups it will be bidirectional changes, it will be replicate on both the servers.
Client Packages and content updates are optional bidirectional.
Logs are optional bidirectional or unidirectional.