If you don't know the answers to that, I assume it isn't that easy as people try to make believe. And in case the answer is "that is not possible but ...", then you better think again what you want that replication setup for.
Although I agree with your points (especially having set up contrib/dbmirror in the past, and anticipating Slony all the more because of that experience), I would like to point out that failover/high-availability is not the only reason to set up replication. Lots of people just want the ability to load balance between several servers.
Personally, I'd want the failover capabilities as well, just as I'd much rather run RAID 0+1/10 or RAID 5 than RAID 0. That's not to say that there aren't people that only care about speed through parallelism though. In which case, your scenario isn't necessarily valid, with regards to ease of setup/maintenence of replication.
Greg
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