PostgreSQL committers are working on a patch to introduce "INSERT ... ON DUPLICATE KEY", which is functionally equivalent to an "upsert". MySQL and Oracle already have functionality (in Oracle it is called "MERGE")
A link to the PostgreSQL archives where the functionality is discussed and a patch introduced: http://www.postgresql.org/message-id/CAM3SWZThwrKtvurf1aWAiH8qThGNMZAfyDcNw8QJu7pqHk5AGQ@mail.gmail.com