In Postgres, How can I merge two tables?
One approach could be to use a writable view to transform results in-query, eg

ALTER TABLE utilities.labpreferences
    RENAME TO utilities.old_labpreferences

CREATE TABLE utilities.labpreferences
( utilities.old_labpreferences EXCLUDING DEFAULTS )
WITHOUT OIDS;

CREATE OR REPLACE RULE "labpreferences_select" AS
  ON SELECT TO utilities.labpreferences
  DO INSTEAD
  SELECT -- fields with modifications --
    FROM utilities.old_labpreferences
    WHERE s.id like 'My.%'
  UNION
  SELECT -- fields without modification --
    FROM utilities.old_labpreferences
    WHERE s.id not like 'My.%'
    ;


Backing the changes out is as simple as removing the rule and new (empty) table, and renaming the old table back.

You will also need rules for update/insert/delete to this table - the postgres documentation for DO INSTEAD is pretty good on this front - see http://www.postgresql.org/docs/devel/static/rules-views.html