MySQL Forums :: Performance :: Timestamp vs Datetime

I've been in the same quandry. Our production server is 4.0. I'm pushing to update to at least 4.1. In combing thru the schema I've been forced to do a lot of reading on datetime vs timestamp. And the conclusion I've come to is to use datetime for everything BUT the last_modified field. The reason for that is we want to continue to use this syntax in the CREATE TABLE code:
last_modified timestamp default CURRENT_TIMESTAMP on update CURRENT_TIMESTAMP

As far as I've read you can not use something like NOW() with datetime.... If I'm wrong I want to hear! :)

erin