Personally, I always go for a mixture of the above answers and create a re-usable static Utility method that uses the size() > 0
suggestion:
public Class Utility {
...
public static boolean isElementExist(WebDriver driver, By by) {
return driver.findElements(by).size() > 0;
...
}
This is neat, re-usable, maintainable ... all that good stuff ;-)