MySQL 5.1 is more strict when using read-uncommitted and binlogging (necessary for replication), so you may get errors in some simple update / delete operations that you would not get at the default isolation level REPEATABLE READ. I saw simple PK updates, such as:
Update foo set bar = 1 where id = 1234;
Error with: mysql_real_query 1598 error: binary registration is not possible. Message: The READ-UNCOMMITTED transaction level in InnoDB is not safe for binlog mode 'STATEMENT'
Thus, you should be prepared to handle this by switching to repeated readings when data changes or using separate read and write connections with their own isolation levels. The latter can come in handy when / if scaling and replication of your project is necessary, so you can send the selection to a read-only slave and write to the master.
OTOH, using read-uncommitted for reading can be a real enhancement if consistent reads are not strictly needed, since Innodb has fewer locks.
Regarding the question of a possible rollback, I think you are the best person to tell us about it, since you are coding it :).
ggiroux
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