This is a good thing to know about, but bear in mind that these days it's often slower than just using whatever built in square root you have access to. Especially beware in languages where you need to do something more than a cast to get the raw bits out of the floating point number, oftentimes that alone is enough to kill any performance gains you might otherwise see. Profile your code before and after, and make sure you've got an easy way to switch back if you realize that you've gone and made things slower (or worse, too inaccurate for your use case).
If this was a universally effective optimization with no potential downside, it would already be built in to your standard math library...