Thanks for the warm words. I do like good solutions and your's is good for the discussion. I do follow your's advise while I am doing quick and dirty tests. In the real world I have some issues with object renaming. I have seeing the cases where after renaming an object and creating another one with the same name some applications start erroring with message that it can't find an object (even I can see it and work with it in Query Analyzer). Personally, I do avoid renaming in production databases.

Second part will be soon. It is under review.