You could maybe shave off a few hundred-thousandths of a second by doing it some other way, but why bother. This way seems to work well. Security would be the major matter, but if "MODULI" is a safe path, i.e. nothing dangerous in there for your users to invoke, that should be ok.
By the way, when I try to use "class_exists()" with the second argument (boolean), I get a "wrong parameter count" error and "__autoload" doesn't get called (PHP5). Have you seen that?