Nice short script, Ravi. Thanks for posting it.
I guess my only concern is that the defaults for SSMS are to have both of these settings "ON". If a column were somehow created with the settings off, I believe that there's a pretty good chance that the column was added by a Developer instead of a DBA. For me, that would be the "rub" because I don't allow Developers the privs to make such changes to the database.