Como posso verificar se existe uma tabela MySQL com PHP?

// Select 1 from table_name will return false if the table does not exist.
$val = mysql_query('select 1 from `table_name` LIMIT 1');

if($val !== FALSE)
{
   //DO SOMETHING! IT EXISTS!
}
else
{
    //I can't find it...
}

Editar

:::::::::::::::::::::::::BEGINNING NON-EXISTING TABLE::::::::::::::::::::::::::::::
23.35501408577 for bad select
25.408507823944 for select from schema num rows -- calls mysql_num_rows on select... from information_schema.
25.336688995361 for select from schema fetch row -- calls mysql_fetch_row on select... from information_schema result
50.669058799744 for SHOW TABLES FROM test
:::::::::::::::::::::::::BEGINNING EXISTING TABLE::::::::::::::::::::::::::::::
15.293519973755 for good select
20.784908056259 for select from schema num rows
21.038464069366 for select from schema fetch row
50.400309085846 for SHOW TABLES FROM test

E ALÉM DISSO

FINALMENTE