constraint_exclusion on OLTP tables

Has anyone got a working system using the new 8.1 contraint_exclusion
partitioning on OLTP tables?

Here is my situation.

The main system I administer is required by law to keep 7 years of data.
Management wants to keep all 7 years online so the user community can access
it whenever they want to. I am looking very hard at partitioning the data
since the tables are already becoming very difficult to deal with at the 2-3
year point.

The main table of our system has a record number and a status. This is my
problem table. The record number is a combination of a 2 digit year and a
serial column. I have been thinking of partitioning the table based upon
those two fields. From my research, 95% + of the records are in 2 status
that are considered to be closed, the other 5% are the records that are
being actively manipulated by the end user.

I have been thinking of partitioning our main table like this:

main_table_live (constraint status not in ('C','D);
main_table_2003 (constraint rec_number < 040000000 and status in ('C','D'));

main_table_2004 (constraint rec_number < 050000000 and rec_number >
039999999 and status in ('C','D'));
main_table_2005 (constraint rec_number < 060000000 and rec_number >
049999999 and status in ('C','D'))
main_table_2006 (constraint rec_number < 070000000 and rec_number >
059999999 and status in ('C','D'))
main_table_2007 (constraint rec_number < 080000000 and rec_number >
069999999 and status in ('C','D'))

The problem I am having is how can you safely move records between
main_table_live and one of the other partition tables? Obviously, this will
have to happen as our users work the data and the records enter into on of
the 2 closed statuses ('C' or 'D'). When the status is changed to C or D, I
need to first move the record and run an update against the moved record to
make sure all fields are updated and our auditing triggers are fired.

Also, is there a way to make foreign keys work with the partitioned table (
i.e. can I create a foriegn key from a normal unpartitioned table to a table
that has been partitioned where the key data may be in multiple partitions)?

Thanks for any help,

Chris