This is definitely not the best technique to quickly see competition heat as it could be easily misleading. Why? The # of results with certain keyword phrases in title does matter as it does show the # of competitors but what it doesn't show is the authority of those competitors and if they are active as of now, and its anybody's guess what could happen when you go into a fight and without knowing your opponent.
Say, you are optimizing for entertainment/celebrity related keywords, you can do quick 'intitle' search and get quickly scared as it may seem as there is a lot of competition looking at the # of results.. however, if you dig a bit deeper its easy to see that majority of pages are low authority pages and are easy to beat as they do not do heavy optimizing (since entertainment traffic doesn't convert well...which means less $ for optimizing). So my 2 cents...dig a bit deeper, check the top results in first 2 pages at least and look at their authority. Its worth spending a few hours to know your enemy before you go against them.. rather than spending months in optimizing later and realizing your enemies are much stronger, more active, aggressive and have deeper pockets.