In testing with the Microsoft JDBC environemnt,

INSERTing a value like the following DOES work: Bob's
INSERTing a value like the following DOES work: size is 24"

However, trying to UPDATE a column and specifying those values does NOT work...
for UPDATE with a string like Bob's you get an error, and for UPDATE with size is 24" you don't get an error but it is saved as \" and the next query returns that.

The escaping is the same for INSERT and UPDATE, but it doesn't seem to work correctly for UPDATE.