Triggers have special INSERTED and DELETED tables to track “before” and “after” data. So you can use something like IF EXISTS (SELECT * FROM DELETED) to detect an update. You only have rows in DELETED on update, but there are always rows in INSERTED.
Look for “inserted” in CREATE TRIGGER.
Edit, 23 Nov 2011
After comment, this answer is only for INSERTED and UPDATED triggers.
Obviously, DELETE triggers can not have “always rows in INSERTED” as I said above