Very nice to see PostgreSQL 9.5 has added UPSERT. It is managed via the general ON CONFLICT clause for INSERT:
The optional ON CONFLICT clause specifies an alternative action to raising a unique violation or exclusion constraint violation error. For each individual row proposed for insertion, either the insertion proceeds, or, if an arbiter constraint or index specified by conflict_target is violated, the alternative conflict_action is taken. ON CONFLICT DO NOTHING simply avoids inserting a row as its alternative action. ON CONFLICT DO UPDATE updates the existing row that conflicts with the row proposed for insertion as its alternative action.