designing time dimension for star schema

Hello everybody,

I was wondering if anyone had any experiences they can share when
designing the time dimension for a star schema and the like. I'm
curious about how well it would work to use a timestamp for the
attribute key, as opposed to a surrogate key, and populating the time
dimension with triggers on insert to the fact tables. This is
something that would have data streaming in (as oppose to bulk
loading) and I think we want time granularity to the minute.

A simplified example:

-- Time dimension
CREATE TABLE time (
datetime TIMESTAMP WITH TIME ZONE NOT NULL,
day_of_week SMALLINT NOT NULL
);
CREATE UNIQUE INDEX ON time (datetime);

-- Fact
CREATE TABLE fact(
datetime TIMESTAMP WITH TIME ZONE NOT NULL,
FOREIGN KEY (datetime) REFERENCES time(datetime)
);

-- Function to populate the time dimension
CREATE OR REPLACE FUNCTION decompose_timestamp() RETURNS TRIGGER AS $$
BEGIN
NEW.datetime = date_trunc('minutes', NEW.datetime);
INSERT INTO time (datetime, day_of_week)
VALUES (NEW.datetime, date_part('dow', NEW.datetime));
RETURN NEW;
EXCEPTION
WHEN unique_violation THEN
-- Do nothing if the timestamp already exists in the dimension table.
RETURN new;
END; $$
LANGUAGE 'plpgsql';

CREATE TRIGGER populate_time BEFORE INSERT
ON fact FOR EACH ROW
EXECUTE PROCEDURE decompose_timestamp();

Regards,
Mark