a little difference :
to find a method of an object (instance of a class)
<?php
if (method_exists($myinstance,'themethod'))
echo 'ok';
?>
to find a method of a class (using the class name, not the instance of the class!)
<?php
if (is_callable(array('theclassname','themethod')))
echo 'ok';
?>
is_subclass_of