The drywall is fastened on with nails or screws. Get a really strong, small magnet (neodymium) and see where it's attracted to the wall. Takes slightly more time than a good stud finder.
Re: looking for the raised area from joint compound - if the wallboard is laid horizontally, all you're going to do is find a seam every 8 feet (or 10 or 12 if they used longer sheets of wallboard. But, even if they used 4 foot sheets, he still won't know if the studs are 16" or 24" on center. I'm not completely knowledgeable about more modern framing, but aren't 2x4's 16", but 2x6's can be 24", and 2x4's can be 24" on non-load bearing walls (but usually aren't in somewhat older homes? Homes built in the last decade or so are more likely to be 24" on center. Hey, if code allows it, it saves a few bucks for the builder, plus fewer holes to drill for wiring, etc. I'd still prefer 16" on center though, even with 2x6's.
Also, while there's going to be a stud at each corner, measuring out 16" will typically only work for one of the two corners on each wall, unless the wall is an even multiple of 16" (or 2 feet). This is a bad picture to show it, but you can kind of tell from the insulation on the wall to the left - the last gap is only about 10 or 12".
http://pics.bbzzdd.com/users/drpizza/garage3.JPG
It's 16" on center starting at the left end of that wall. But, going every 16" meant that at the end, they'd have less than 16" left. They don't take the length of the wall & divide by the number of studs to space them perfectly evenly, because then the wallboard wouldn't line up. When I wallboard that wall, I'll start at the left end and finish at the right end; same as the studs.