Are the high end point & shoot digital cameras a modern version of the the rangefinder?
While the focusing mechanisms (and construction) are very different, modern high-end point and shoots seem to be headed in the direction of appealing to the rangefinder user market.
Many people have used film rangefinders for candid street photography because they were small, quiet, produced high quality images even in low light, and were easy to use. Many newer point and shoot cameras (like the Lumix LX3) are designed to produce high quality images and offer the user plenty of control (such as traditional shooting modes like manual, aperture priority, shutter priority, program, RAW capture, manual focus, etc). The newer high end point and shoots are not as fast as the old rangefinders in terms of capturing the picture at the exact moment you press the shutter, but I believe they are working on this technology.
As far as using slower shutter speeds with a rangefinder, I was able to hand hold many shots at 1/15 and 1/30 with my Nikon S2 rangefinder and come up with sharp results. On the flip side, the vibration reduction control in my LX3 lets me shoot at slower speed hand held as well letting me get sharp results (not to mention its fast, sharp lens).
Here are two of my favorite "point and shoots"...