It Probably Works: Probabilistic algorithms are all around us
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There is nothing wrong with this if the probability of failing is smaller than the chance of an asteroid landing on your head.
Impacting (more, but still unlikely), is probably not.
Edit: not implying there aren't perfectly good reasons to make the check that are unrelated to the probabilities of a collision in the ideal case. Just an idle musing.
Another interesting related field is Dave Ackley's Robustness-First Computing model[1], which operates with every atomic computational cell having some elements of randomness built in.