I have one of those tripods. They were like $10 at my local computer store. Basically it's all plastic and aluminum. There is a quick release for easy on/off. For a small P&S, it's fine. I've used it in some pretty extreme environments and the pictures still came out good. Mine finally died after about three years of use because one of the legs wouldn't lock anymore, so I went out and got a new one for those times when lightness is of the utmost importance.
The only thing that you may not like about it is that the head adjustments aren't going to be very precise, meaning you frame your camera, lock the tripod head, and when you release the tripod head controls, there will be some flex from the tripod that will change your framing. If you're in a hurry to get a shot this can get really annoying. Unfortunately a lot of cheap tripods are like this.