Small. Fast. Reliable.
Choose any three.
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  *:UPDATE t1, t2 SET t1.f1 = value WHERE t1.f2 = t2.fa
+ 
+ ===========
+ REMARK
+ ===========
+ Sqlite is finally a database product that values performance and minimal footprint (disk and memory) above a trashcan strategy that would add whatever feature to make the result so-called 'feature rich', say, a bloated piece of software. Therefore, I would vehemently reject all additions listed above, except for one. It's quite difficult to obtain the result for a correlated 'NOT EXISTS' subquery in any alternative way; which is the choice way to determine a subset of data that doesn't satisfy criteria contained in another table.