What is the best way to set default value in ActiveRecord?

I see a post from Pratik that describes an ugly, complicated chunk of code: http://m.onkey.org/2007/7/24/how-to-set-default-values-in-your-model

class Item < ActiveRecord::Base  
  def initialize_with_defaults(attrs = nil, &block)
    initialize_without_defaults(attrs) do
      setter = lambda { |key, value| self.send("#{key.to_s}=", value) unless
        !attrs.nil? && attrs.keys.map(&:to_s).include?(key.to_s) }
      setter.call('scheduler_type', 'hotseat')
      yield self if block_given?
    end
  end
  alias_method_chain :initialize, :defaults
end

YUCK!

I have seen the following examples googling around:

  def initialize 
    super
    self.status = ACTIVE unless self.status
  end

and

  def after_initialize 
    return unless new_record?
    self.status = ACTIVE
  end

I've also seen people put it in their migration, but I'd rather see it defined in the model code.

What's the best way to set default value for fields in ActiveRecord model?