I have one of those and used it with a Canon P&S. Works great, if a bit inflexible. Don't use it much, though, but I should really try harder. Guess I'm too much into instant gratification, and sometimes after 30 minutes of time lapse or whatever only to find the battery died I get frustrated....
Anyway, the CHDK hacks are great. That's what I used to make a used $15 P&S into a great time lapser with countdown intervalometer (and motion detect and RAW, BTW). Cheap enough that it's worth it for just messing around. Comes with a little holder for a smartphone as well.
Rob