Optimize mySql for faster alter table add column

I faced a very similar situation in the past and i improve the performance of the operation in this way :

1. Create a new table (using the structure of the current table) with the new column(s) included.
2. execute a INSERT INTO new_table (column1,..columnN) SELECT (column1,..columnN) FROM current_table;
3. rename the current table
4. rename the new table using the name of the current table.