default can work both for new insert and update existing.
ref:
http://web2py.com/books/default/chapter/29/06/the-database-abstraction-layer

form validation function can work both for new insert and update existing.
ref:
http://web2py.com/books/default/chapter/29/07/forms-and-validators

callback can work both for new insert and update existing. 
for after new insert, please use : _after_insert 
and 
for after update existing, please use : _after_update

ref:
http://web2py.com/books/default/chapter/29/06/the-database-abstraction-layer#before-and-after-callbacks

best regards,
stifan

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