Can EXCEPT Be Used for To Solve This Problem?

Given the following data in a table named 'foo' :
id update_time description
2 2005-08-24 00:10:00 transaction1
2 2005-08-24 00:22:00 transaction2
2 2005-08-24 00:34:00 transaction3
2 2005-08-24 00:58:00 transaction4

I want to select 2nd oldest transaction from foo (transaction 3). The
solution below
works, but I think there may be a better way. Does anyone else have a better
idea?

select * from foo f1
join
(select id, update_time
from foo
except
select id, max(update_time) as update_time
from foo
group by id) f2
using (id, update_time)
order by 1, 2 desc limit 1;