In an app I'm profiling, I found that in some scenarios this function is able to take over 10% of total execution time.
I've seen discussion over the years of faster sqrt implementations using sneaky floating-point trickery, but I don't know if such things are outdated on modern CPUs.
MSVC++ 2008 compiler is being used, for reference... though I'd assume sqrt is not going to add much overhead though.
See also here for similar discussion on modf function.
EDIT: for reference, this is one widely-used method, but is it actually much quicker? How many cycles is SQRT anyway these days?