In Oracle, given a simple data table:
create table data (
id VARCHAR2(255),
key VARCHAR2(255),
value VARCHAR2(511));
I prefer to try the update before the insert to save having to check for an exception.
update data set ...=... where ...=...;
if sql%notfound then
insert into data (...) values (...);
end if;
Even now we have the merge statement, I still tend to do single-row updates this way - just seems more a more natural syntax. Of course, merge really comes into its own when dealing with larger data sets.