Insert if new, update if exists…

Did something change, or did some crucial wordpress info drop out of my memory?

wp_insert_post()

I thought that created a new post if it didn’t exist, or updated an old one if it did… looking at the codex though I see no evidence of that.

I’m also quite tired today, so maybe I’m forgetting something.

Isn’t there a function that does the “exists” check all in one insert?