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Counting graphlets is a well-studied problem in graph mining and social network analysis. Recently, several papers explored very simple and natural approaches based on Monte Carlo sampling of Markov Chains (MC), and reported encouraging results. We show, perhaps surprisingly, that this approach is outperformed by a carefully engineered version of color coding (CC) [1], a sophisticated algorithmic technique that we extend to the case of graphlet sampling and for which we prove strong statistical guarantees. Our computational experiments on graphs with millions of nodes show CC to be more accurate than MC. Furthermore, we formally show that the mixing time of the MC approach is too high in general, even when the input graph has high conductance. All this comes at a price however. While MC is very efficient in terms of space, CC's memory requirements become demanding when the size of the input …