max/min and index usage

We're using 8.1 - I thought such a construct was safe in pg 8.1:

select max(indexed_value) from huge_table;

while earlier we had to use:

select indexed_value from huge_table order by indexed_value desc limit 1;

seems like I was wrong:

mydb=> explain analyze select indexed_value1 from mytable order by indexed_value1 desc limit 1;
QUERY PLAN
-----------------------------------------------------------------------------------------------------------------------------------------------------------------
Limit (cost=0.00..1.96 rows=1 width=4) (actual time=0.115..0.117 rows=1 loops=1)
-> Index Scan Backward using index1 on mytable (cost=0.00..23890756.52 rows=12164924 width=4) (actual time=0.111..0.111 rows=1 loops=1)
Total runtime: 0.162 ms
(3 rows)

mydb=> explain analyze select indexed_value2 from mytable order by indexed_value2 desc limit 1;
QUERY PLAN
-------------------------------------------------------------------------------------------------------------------------------------------------------------
Limit (cost=0.00..0.04 rows=1 width=4) (actual time=0.128..0.130 rows=1 loops=1)
-> Index Scan Backward using index2 on mytable (cost=0.00..428231.16 rows=12164924 width=4) (actual time=0.124..0.124 rows=1 loops=1)
Total runtime: 0.160 ms
(3 rows)

mydb=> explain analyze select max(indexed_value2) from mytable;
QUERY PLAN
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Result (cost=0.04..0.05 rows=1 width=0) (actual time=11652.138..11652.139 rows=1 loops=1)
InitPlan
-> Limit (cost=0.00..0.04 rows=1 width=4) (actual time=11652.122..11652.124 rows=1 loops=1)
-> Index Scan Backward using index2 on mytable (cost=0.00..428231.16 rows=12164924 width=4) (actual time=11652.117..11652.117 rows=1 loops=1)
Filter: (indexed_value2 IS NOT NULL)
Total runtime: 11652.200 ms
(6 rows)

mydb=> explain analyze select max(indexed_value1) from mytable;
QUERY PLAN
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Result (cost=1.96..1.97 rows=1 width=0) (actual time=713.780..713.781 rows=1 loops=1)
InitPlan
-> Limit (cost=0.00..1.96 rows=1 width=4) (actual time=713.767..713.770 rows=1 loops=1)
-> Index Scan Backward using index1 on mytable (cost=0.00..23890756.52 rows=12164924 width=4) (actual time=713.764..713.764 rows=1 loops=1)
Filter: (indexed_value1 IS NOT NULL)
Total runtime: 713.861 ms
(6 rows)