I don't know if it's the most elegant but I use the mktime() function combined with the date() one, though I believe you can make a TIMESTAMP field in MySQL that will simply update with the current Timestamp on every update...
Anyway, syntax is like this:
$date = date("Y-m-d H:i:s", mktime());
THat's for a datetime field. take out the " H:i:s" for a date field only.