This trace flag has existed for some time but was documented only in SQL 2008.
It works for SQL 2008, 2005 and 2000 SP4 (not tested) update.
Yes, an excellent QOTD. (And, as it turns out, a repeat of pretty much the same question from 2007.)
I have used this for years in SQL 2000 SP3. It was a big problem for us, backing up about 200 DBs every half hour. I learned about the flag from that original 2007 QOTD and it has been a lifesaver. Note that I found it only works as a startup parameter, not in DBCC: