What do you do in SQL Server to CREATE OR ALTER?

The year is 2009 and SQL Server does not have CREATE OR ALTER/REPLACE. This is what I do instead.

IF EXISTS (SELECT 1 FROM INFORMATION_SCHEMA.ROUTINES WHERE ROUTINE_NAME = 'SynchronizeRemoteCatalog' AND ROUTINE_SCHEMA = 'dbo' AND ROUTINE_TYPE = 'PROCEDURE')
 EXEC ('DROP PROCEDURE dbo.SynchronizeRemoteCatalog')

CREATE PROCEDURE dbo.SynchronizeRemoteCatalog
AS BEGIN
    -- body
END

For triggers, you have to lean on the proprietary system views.

Is this the most accepted convention in the meantime?

EDIT: As n8wrl suggested, the official word suggests that this feature is not a high priority. Hence the question.