If you actually follow through and are consistent, counting to three can be effective if used appropriately.
However, like with any kind of discipline or method it will fail if you are not consistent and do not follow through.
Counting to three is not three warnings like some people seem to think. It means when you give a child an instruction (ie: put the toy down, and come here) and they don't listen, you count to three. That gives them three seconds to begin following what you asked or there will be a consequence.