I agree with previous posters that this seems like a good way to find row counts for all tables in a database, but not a very good (easy, efficient, etc...) alternative to COUNT(*) on a single table within a query. I created the following proc and tested with my largest tables - hundreds of millions of rows with a non-sequential GUID pk and the results were generally 1 sec for COUNT(*) and 0 sec for the proc. Considering how I use COUNT(*) in my logic (and it is rarely used), it doesn't seem worth it - merely a nifty way to complicate things.
CREATE PROC spUtil_GetRowCount
(
@TableName VARCHAR(200)
)
AS
SELECT
ddps.row_count
FROM
sys.indexes i
INNER JOIN sys.objects o
ON i.OBJECT_ID = o.OBJECT_ID
INNER JOIN sys.dm_db_partition_stats ddps
ON i.OBJECT_ID = ddps.OBJECT_ID
AND i.index_id = ddps.index_id
WHERE
i.index_id < 2
AND o.is_ms_shipped = 0
AND o.name = @TableName