Several months ago I learned from an answer on Stack Overflow how to perform multiple updates at once in MySQL using the following syntax:
INSERT INTO table
With PostgreSQL 9.1 this can be achieved using a writeable CTE (common table expression):
WITH new_values (id, field1, field2) as (
values
(1, 'A', 'X'),
(2, 'B', 'Y'),
(3, 'C', 'Z')
),
upsert as
(
update mytable m
set field1 = nv.field1,
field2 = nv.field2
FROM new_values nv
WHERE m.id = nv.id
RETURNING m.*
)
INSERT INTO mytable (id, field1, field2)
SELECT id, field1, field2
FROM new_values
WHERE NOT EXISTS (SELECT 1
FROM upsert up
WHERE up.id = new_values.id)
See these blog entries:
Note that this solution does not prevent a unique key violation but it is not vulnerable to lost updates.
See the follow up by Craig Ringer on dba.stackexchange.com