Update INSERT RULE while running for Partitioning

I'm using PostgreSQL 8.1.4 in a Hibernate Application and I am attempting to
use partitioning via Inherited tables. At first I was going to create a rule
per sub-table based on a date range, but found out with multiple rules
postgres will only return the affected-row count on the last rule which
gives Hibernate problems. So now I'm thinking the way to do it is just have
one rule at a time and when I want to start appending data to a new
partition, just change the rule on the parent table and also update the
constraint on the last table to reflect the date ranges contained so that
constraint_exclusion will work. this should perform better also. For
instance

Starting off with:

Parent (Rule on insert instead insert into Child2)
Child1 (Constraint date <= somedate1)
Child2 (Constraint date > somedate1)

Now I want to create another Partition:

Create Table Child3
BEGIN
Update Parent Rule( instead insert into Child3)
somedate2 = max(date) from Child2
Update Child2 Constraint( date > somedate1 AND date <= somedate2 )
Set Constraint Child3 (date > somedate2)
END

Which ends up with:

Parent (Rule on insert instead insert into Child2)
Child1 (Constraint date <= somedate1)
Child2 (Constraint date > somedate1 AND date <= somedate2)
Child3 (Constraint date > somedate2)

Anyone else tried this or expect it to work consistently (without stopping
db)? Is it possible that there could be a race condition for the insertion
and constraints or will the transaction prevent that from occurring? I've
done some testing and it seems to work but I could just get lucky so far and
not lose any data :)

Thanks for any help,
Gene