The example of approximating 123 x 456 with 100 x 500 tends to undermine your point a little. It's too simplistic and the answer isn't even within 10%.
120 x 500 gives a much better approximation, and just needs you to know 12 x 5 = 60. Better still would be 125 x 460, which is 1/8 x 46 x 100000. That's within 3% of the true answer, and all it takes is quickly dividing 46 by 8.
It's very helpful to be on good terms with numbers less than about 100, which is why the multiplication table is taught. It's useful for reverse calculations (like 46 / 8) as well as forward ones. Decimal equivalents (1/8 = 0.125) are worth learning as well.
The key to being able to quickly approximate things is to populate your mind with memorized values. They work as landmarks (so the 7x8 example, in conjunction with the decimal equivalent of 1/8, means that you know almost immediately that, e.g. 55 x 125 is close to 7000).
120 x 500 gives a much better approximation, and just needs you to know 12 x 5 = 60. Better still would be 125 x 460, which is 1/8 x 46 x 100000. That's within 3% of the true answer, and all it takes is quickly dividing 46 by 8.
It's very helpful to be on good terms with numbers less than about 100, which is why the multiplication table is taught. It's useful for reverse calculations (like 46 / 8) as well as forward ones. Decimal equivalents (1/8 = 0.125) are worth learning as well.
The key to being able to quickly approximate things is to populate your mind with memorized values. They work as landmarks (so the 7x8 example, in conjunction with the decimal equivalent of 1/8, means that you know almost immediately that, e.g. 55 x 125 is close to 7000).