PostgreSQL 9.5 will have support for a feature that is popularly known as "UPSERT" - the ability to either insert or update a row according to whether an existing row with the same key exists. If such a row already exists, the implementation should update it. If not, a new row should be inserted. This is supported by way of a new high level syntax (a clause that extends the INSERT statement) that more or less relieves the application developer from having to give any thought to race conditions. This common operation for client applications is set to become far simpler and far less error-prone than legacy ad-hoc approaches to UPSERT involving subtransactions.
When we worked on UPSERT, many edge-cases were carefully considered. A technique called "unique index inference" allows DML statement authors to be very explicit about what condition they want to take the alternative (UPDATE or NOTHING) path on. That alternative path can only be taken in the event of a would-be duplicate violation in an "arbiter" unique index (for the DO NOTHING variant, a would-be exclusion violation is also a possible reason to take the alternative NOTHING path). The ability to write UPSERT statements explicitly and safely while also having lots of flexibility is an important differentiator for PostgreSQL's UPSERT in my view.