Postgresql - change the size of a varchar column to lower length
Ok, I'm probably late to the party, BUT...
THERE'S NO NEED TO RESIZE THE COLUMN IN YOUR CASE!
Postgres, unlike some other databases, is smart enough to only use just enough space to fit the string (even using compression for longer strings), so even if your column is declared as VARCHAR(255) - if you store 40-character strings in the column, the space usage will be 40 bytes + 1 byte of overhead.
The storage requirement for a short string (up to 126 bytes) is 1 byte plus the actual string, which includes the space padding in the case of character. Longer strings have 4 bytes of overhead instead of 1. Long strings are compressed by the system automatically, so the physical requirement on disk might be less. Very long values are also stored in background tables so that they do not interfere with rapid access to shorter column values.
(http://www.postgresql.org/docs/9.0/interactive/datatype-character.html)
The size specification in VARCHAR is only used to check the size of the values which are inserted, it does not affect the disk layout. In fact, VARCHAR and TEXT fields are stored in the same way in Postgres.
There's a description of how to do this at Resize a column in a PostgreSQL table without changing data. You have to hack the database catalog data. The only way to do this officially is with ALTER TABLE, and as you've noted that change will lock and rewrite the entire table while it's running.
Make sure you read the Character Types section of the docs before changing this. All sorts of weird cases to be aware of here. The length check is done when values are stored into the rows. If you hack a lower limit in there, that will not reduce the size of existing values at all. You would be wise to do a scan over the whole table looking for rows where the length of the field is >40 characters after making the change. You'll need to figure out how to truncate those manually--so you're back some locks just on oversize ones--because if someone tries to update anything on that row it's going to reject it as too big now, at the point it goes to store the new version of the row. Hilarity ensues for the user.
VARCHAR is a terrible type that exists in PostgreSQL only to comply with its associated terrible part of the SQL standard. If you don't care about multi-database compatibility, consider storing your data as TEXT and add a constraint to limits its length. Constraints you can change around without this table lock/rewrite problem, and they can do more integrity checking than just the weak length check.
In PostgreSQL 9.1 there is an easier way
http://www.postgresql.org/message-id/[email protected]
CREATE TABLE foog(a varchar(10));
ALTER TABLE foog ALTER COLUMN a TYPE varchar(30);
postgres=# \d foog
Table "public.foog"
Column | Type | Modifiers
--------+-----------------------+-----------
a | character varying(30) |