Whew! Glad that was only a myth! I'll remind myself of that whenever my code takes > 10 seconds to return the count() from a table. "Just a myth - this isn't really happening". I'll try repeating that to myself while waiting for the results - probably should only take 10-15 repeats of the phrase before the row returns, right?
Whoah - just did a check on a real table with a whopping 2 million records - postgresql 9 just blazed through that in < 7 seconds to give me
select count(*) from student; count --------- 2032609 (1 row)
w00t! 7 seconds! I'm not even sure how that myth got started, let alone why people still believe that hogwash.