To update your copy of the library to the latest version available on PyPI, run pip install with the --upgrade option:
$ sudo pip install --upgrade dataone.common
The python code under d1_common/types/generated contains PyXB binding classes. It is generated from the DataONE schemas using PyXB. Currently, the latest version of the binding classes is included with the library, so generating them after a Subversion update should not be necessary. However, if the library is modified locally, they can be generated with:
$ cd /var/local/dataone/d1_common_python
$ ./pyxbgen_all.py