re: Is the idea that if there are changes to such entires that users need to email an admin with the updated details?
No, not really. Connections dos keep track of who added an entry and who last edited it but there is no built in method to give or restrict the users ability maintain only the entries they added (assuming they have permission to add entries). The idea is to eventually add this ability via an extension which has not yet been developed. I do have one that needs a bit more work and some additional testing to do the exact opposite, link a single entry to multiple users so all linked users have permission to edit the same entry.