These must be some trivial examples that you are working with to get useful results with your method. I can't think of a project where profiling was useful (by whatever method) that would have gotten decent results with your "quick and effective" method. The time it takes to start and stop some applications already puts your assertion of "quick" in question.
Again, with non-trivial programs the method you advocate is useless.
EDIT:
Regarding "why isn't it better known"?
In my experience code reviews avoid poor quality code and algorithms, and profiling would find these as well. If you wish to continue with your method that is great - but I think for most of the professional community this is so far down on the list of things to try that it will never get positive reinforcement as a good use of time.
It appears to be quite inaccurate with small sample sets and to get large sample sets would take lots of time that would have been better spent with other useful activities.
