Just to add to the gravel at the bottom of a post theory. From what I understand, the gravel is to act as a storage area for water that gets down there, and then drains into the ground while allowing the end grain of the post to remain dry, or dry out faster then if the gravel wasn't there.
My thoughts are that the gravel will quickly silt up and actually become a place that holds water. From what I've seen removing fence posts, I don't know if it matters either way.
I have never found the end of a post to be rotten. In fact, they are always in perfect condition, or very close to it. I've removed posts from farms that where built in the 40's or a bit earlier and found this to be true.
I read an article about a study done at a landfill in Southern California by one of the Universities there. What they found is that once burried to a certain depth, nothing happens to what is burried. They found newspapers from the 70's that you could still read the print on them when they dug into the ground.
If I understand rot, it takes more then just water to happen. It has to have the right temps and exposure to happen. Like already mentioned, a pine log in the water for a hundred years is in near perfect condition, but leave it laying on the ground for a year and it's rotted through and worthless.
Keep the water away for the base of the post, and it will last. Let water sit there and it will rot on you. It doesn't matter what you use, if it's wood, it will rot.
Eddie