rbt=# select version();
                                version
------------------------------------------------------------------------
 PostgreSQL 7.4beta1 on i386-portbld-freebsd4.8, compiled by GCC 2.95.4
(1 row)
 
rbt=# create table nowtest (col timestamp(0) default 'now()');
CREATE TABLE
rbt=# insert into nowtest default values;
INSERT 11687320 1
rbt=# select * from nowtest;
         col
---------------------
 2003-08-31 15:23:26
(1 row)
 
rbt=# \d nowtest
                                           Table "public.nowtest"
 Column |              Type              |                             Modifiers                                                                                                 
--------+--------------------------------+-------------------------------------------------------------------
 col    | timestamp(0) without time zone | default '2003-08-31 15:23:25.650841'::timestamp without time zone