created modified fields

If this has been discussed before, pardon me. My search skills might
not be up to the task of finding it. Does Rails have automagic support
for created/modified columns like cakePHP does?

Thanks in advance.

Guessing a bit about cakePHP, I'd say yes.

If you create a datetime called created_at, or created_on it will be
automatically initialized when each record is first saved. a field
named either updated_at, or updated_on will set each time the record
is saved.