Or similar to johnwm's idea:
?Day(DateSerial(Year(TheDate),2,29)) = 29
?Month(DateSerial(Year(TheDate),2,29)) = 2
Which uses the fast DateSerial function (almost three times faster than DateAdd(), once having to add the Year function as well).
The method I like the best, is to test if the 29th of Feb for that year is a valid date using the IsDate function:
TheYear = "2003"
?IsDate("02-29-" & TheYear)
Or
TheDate= Date()
?IsDate("02-29-" & Year(TheDate))
Even though this only needs to use 2 functions, verses the three needed for the DateAdd() method, and is also faster than using the DateAdd() method, it is still alot slower than using the DateSerial, even though that also uses 3 functions.
However, the speed difference is probably not a factor to worry about here at all, unless you are calling the function repeatedly in a loop, such as a recordset loop with alot of records, or used with-in an SQL statement using the Jet provider.