Does Postgres have an equivalent Connect By feature? Last I checked it didn't. If you don't need to scale your hierarchical data much, its pretty handy. I'd prefer to go to Postgres too.
The better way is to use WITH RECURSIVE CTE's. See http://ledgersmbdev.blogspot.com/2012/07/ctes-and-ledgersmb.... for how we use them in LedgerSMB for hierarchical data.