Earlier quoted context omitted.
Yeah I know the trick and I explain it a bit more in another article on my blog. Most of the time it's more keystrokes than using :s though, so I'm not a big fan of it. But I see the appeal :)
I'm paranoid and I like seeing exactly what I'm replacing. In that case I still use :s but I always end it with :s/foo/bar/gc. Although I do see the appeal of cgn for simple replacements.
set inccommand=nosplit
It will display the substitute directly in the buffer.