In particular, incremental updates of the materialized view are not yet a feature. That said, a lot of hang wringing has been going on in the lists on how to build on this work, so it looks like this whole subsystem will receive some attention.
People forget that this is true of every software system ever. No successful system ever starts with every feature it's going to have.
In 9.3 materialized views will only be refreshable by recomputing the entire view and they will be locked while they are being refreshed. To shorten the lock you would have to swap the view with ALTER MATERIALIZED VIEW.
Worth looking at.
Consider this documentation from oracle, a very popular materialized view implementation:
"When changes are made to the master table or master materialized view using DML, an internal trigger records information about the affected rows in the materialized view log. This information includes the values of the primary key, rowid, or object id, or both, as well as the values of the other columns logged in the materialized view log. This is an internal AFTER ROW trigger that is automatically activated when you create a materialized view log for the target master table or master materialized view. "