CREATE or REPLACE pattern for Transact SQL

I just saw a blog post by someone discussing the pros and cons of DROP/CREATE vs ALTER for changing a stored procedure.  I was not able to comment on the blog post (seems like an error with their CMS) but I wanted to mention some issues with it and some better solutions.  

I generally use DROP/CREATE most often in my work, but I'm trying to change that.  

• If you have Zero Downtime requirements you risk spurious errors using DROP/CREATE.  In the time it takes to drop the proc, recreate it, then issue the GRANTs your online users could see errors
• The author mentioned that using ALTER requires dynamic sql.  That's not true, below I show you the pattern I use.  Dynamic SQL is difficult to use and read for many developers.  Doubling up quotes tends to be buggy.  
• Oracle has the "CREATE or REPLACE PROCEDURE" syntax to avoid all of this.  I wish MS would give us this.  We would not need to do existence checking in metadata tables before creating or altering a routine.  

In any case, this is the pattern I use that is very close to Oracle's CREATE or REPLACE PROCEDURE syntax.