The problem is not just the sysdepends is deprecated, it is not accurate.
create a table
create a procedure that selects from the table
drop the table (which deletes records in sysdepends)
create a table with the same name
The procedure still runs, still depends on the table, but no record in sysdepends
Even if they fixed that problem in 2005/2008 you still won't have tables referenced in dynamic SQL, etc..
It is not that hard to write some code to search syscomments (or sys.sql_modules)
(like the code in the article searching the job command field)
Of course it helps if your naming convention is such that it reduces false positives.