Mysql does not allow two auto-updating timestamps columns in the same database table. However, many people like to have "created" and "updated" columns for their tables because that sort of information is useful, so there must be some work around. From what I have gathered, one column must be a datetime and the other must be a timestamp. The datetime column can function as the created column and when defaulted to null, upon insert with a trigger it will automatically take the current timestamp value. The timestamp column can function as the updated column and can be configured to be auto-updated as the mysql documents describe. These two pages are useful for understanding this:
Mysql Datetime and Timestamp Types
Auto Initialization and Updated for Timestamp
Where it gets tricky is implementing this with drupal's schema function. Has anyone found a successful solution to this in drupal 7?