Is it going to take more than two days?
Is it going to take more than two weeks?
Is it going to take more than two months?
Is it going to take more than two years?
If you can answer these questions, you can estimate using a confidence interval.
If the estimate is too wide, break it down into smaller chunks, and re-estimate.
If you can't break it down further, decide whether it's worth spending time to gather information needed to narrow the estimate or break it down. If not, scrap the project.
I prefer it over estimating which feels more like asking the length of a piece of string.
How do you know if your estimate is good? Would you rather bet on your estimate or on hitting one of 8 numbers on a 10-number roulette wheel? If you prefer one of the bets, adjust your estimates. If you're indifferent between the bets, the estimates accurately reflect your beliefs.
(The roulette wheel is from the book, How to Measure Anything by Hubbard. Confidence interval estimates are from LiquidPlanner, https://web.archive.org/web/20120508001704/http://www.liquid...)