Time Series on Postgres (HOWTO?)

I've been googling, but haven't found a good answer to what I should do if I
want to store time series in Postgres.
My current solution is store serialized (compressed) blobs of data.
(So for example store 1 day worth of 1 minute samples (~1440 samples) stored
as one row in a bytea. (Plus meta data)
It would be nice if I could use 1 sample per column,(because updating
individual columns/samples is clear to me) but postgres doesn't compress the
row (which is bad because of high amount of repetitive data.. Easily 10X
bigger.

I've been considering a Double[] array, which would get compressed, but
before I start down that path (I suppose I need to make some storedprocs to
update individual samples), has anyone built anything like this? Any open
source projects I should look at?

Thanks.