diff --git a/NEWS b/NEWS
index 1c439323..226ccda9 100644
--- a/NEWS
+++ b/NEWS
@@ -1,8 +1,12 @@
 What's new in psycopg 2.4.2
 ---------------------------
 
-  - Allow using the isolation level "repeatable read" which is distinct
-    from "serializable" in PostgreSQL 9.1.
+  - Added 'set_transaction()' method and 'autocommit' property to the
+    connection. Added support for read-only sessions and, for PostgreSQL
+    9.1, for the "repeatable read" isolation level and the "deferrable"
+    transaction property.
+  - Psycopg doesn't execute queries at connection time to find the
+    default isolation level.
   - Don't build mx.DateTime support if the module can't be imported
     (ticket #53).
 
diff --git a/doc/src/connection.rst b/doc/src/connection.rst
index 9564095e..970b0371 100644
--- a/doc/src/connection.rst
+++ b/doc/src/connection.rst
@@ -327,7 +327,7 @@ The ``connection`` class
         pair: Transaction; Autocommit
         pair: Transaction; Isolation level
 
-    .. method:: set_transaction(isolation_level=None, readonly=None, deferrable=None, autocommit=None)
+    .. method:: set_transaction([isolation_level,] [readonly,] [deferrable,] [autocommit])
 
         Set one or more parameters for the next transactions or statements in
         the current session. See |SET TRANSACTION|_ for further details.
@@ -336,9 +336,11 @@ The ``connection`` class
         .. _SET TRANSACTION: http://www.postgresql.org/docs/9.1/static/sql-set-transaction.html
 
         :param isolation_level: set the `isolation level`_ for the next
-            transactions/statements.  The value should be one of the
+            transactions/statements.  The value can be one of the
             :ref:`constants <isolation-level-constants>` defined in the
-            `~psycopg2.extensions` module.
+            `~psycopg2.extensions` module or one of the literal values
+            ``read uncommitted``, ``read committed``, ``repeatable read``,
+            ``serializable``.
         :param readonly: if `!True`, set the connection to read only;
             read/write if `!False`.
         :param deferrable: if `!True`, set the connection to deferrable;
@@ -347,12 +349,15 @@ The ``connection`` class
             PostgreSQL session setting but an alias for setting the
             `autocommit` attribute.
 
+        The parameters *isolation_level*, *readonly* and *deferrable* also
+        accept the string ``default`` as a value: the effect is to reset the
+        parameter to the server default.
+
         .. _isolation level:
             http://www.postgresql.org/docs/9.1/static/transaction-iso.html
 
         The function must be invoked with no transaction in progress. At every
-        function invocation, only the parameters whose value is not `!None` are
-        changed.
+        function invocation, only the specified parameters are changed.
 
         The default for the values are defined by the server configuration:
         see values for |default_transaction_isolation|__,
@@ -382,6 +387,10 @@ The ``connection`` class
         execution: the methods `commit()` or `rollback()` must be manually
         invoked to terminate the transaction.
 
+        The autocommit mode is useful to execute commands requiring to be run
+        outside a transaction, such as :sql:`CREATE DATABASE` or
+        :sql:`VACUUM`.
+
         The default is `!False` (manual commit) as per DBAPI specification.
 
         .. warning::
@@ -402,9 +411,8 @@ The ``connection`` class
 
         .. note::
 
-            From version 2.4.2, replaced by `set_transaction()` and
-            `autocommit`, offering finer control on the transaction
-            characteristics.
+            From version 2.4.2, `set_transaction()` and `autocommit`, offer
+            finer control on the transaction characteristics.
 
         Read or set the `transaction isolation level`_ for the current session.
         The level defines the different phenomena that can happen in the
diff --git a/doc/src/usage.rst b/doc/src/usage.rst
index 4d039dee..de82c624 100644
--- a/doc/src/usage.rst
+++ b/doc/src/usage.rst
@@ -519,6 +519,10 @@ outside any transaction: in order to be able to run these commands from
 Psycopg, the session must be in autocommit mode.  Read the documentation for
 `connection.set_isolation_level()` to know how to change the commit mode.
 
+.. note::
+
+    From version 2.4.2 you can use the `~connection.autocommit` property to
+    switch a connection in autocommit mode.
 
 
 .. index::