@Sam Odio's solution was a decent starting point but there's a few flaws in the methodology, namely:
- The random IP address could end up matching 0 or very few results
- An exception would skew the results, so we should aim to avoid handling exceptions
So instead of filtering something that might match, I decided to exclude something that definitely won't match, hopefully still avoiding the DB cache, but also ensuring the same number of rows.
I only tested against a local MySQL database, with the dataset:
>>> Session.objects.all().count()
40219
Timing code:
import timeit
base = """
import random
import string
from django.contrib.sessions.models import Session
never_match = ''.join(random.choice(string.ascii_uppercase) for _ in range(10))
sessions = Session.objects.exclude(session_key=never_match){}
if sessions:
    pass
"""
s = base.format('count')
query_variations = [
    "",
    ".exists()",
    ".count()",
    "[0]",
]
for variation in query_variations:
    t = timeit.Timer(stmt=base.format(variation))
    print "{} => {:02f} usec/pass".format(variation.ljust(10), 1000000 * t.timeit(number=100)/100000)
outputs:
           => 1390.177710 usec/pass
.exists()  => 2.479579 usec/pass
.count()   => 22.426991 usec/pass
[0]        => 2.437079 usec/pass
So you can see that count() is roughly 9 times slower than exists() for this dataset.
[0] is also fast, but it needs exception handling.