I'm thrilled by the news that nested transactions will make it into 7.5
after all, and trying to learn how this will work. The question is
what will be the syntax to start / commit / rollback a subtransaction.

Leaking a bit from pgsql-hackers [hope it's not bad etiquette to do this]
I see this very subject was the subject of some lively discussion as
recently as 3 days ago.

Could one of you kind folk on the hackers list post something here when
there's a resolution of this? Just a pointer to a message on the hackers
list would be fine ...

-Thanks, Jim

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