Serial Data Type

I have a couple minor issues  regarding the 6.4 implementation of the
SERIAL data type.    I like the ease of using the serial data type and I
suspect it will be used frequently base on the number of inquiries over
the past months.

1. Should the sequence created by the serial type declaration, be
dropped as a result of dropping the parent table?

2.  Can a declared serial column be also a primary key?   If so, what
will be the side effected?   Specifically, how will the unique index be
named?   The ODBC driver uses the {relname}_pkey to identify the primary
key of a table.  The driver must be able to identify primary keys.

Comments?