> OK, but the point of the question is that constantly updating 
> a single row steadily degrades performance, would 
> delete/insery also do the same?

Yes, there is currently no difference (so you should do the update).
Of course performance only degrades if vaccuum is not setup correctly.


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TIP 9: In versions below 8.0, the planner will ignore your desire to
       choose an index scan if your joining column's datatypes do not

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