One of the best reasons for using a tripod is that it allows you more time and thought to compose your scene. In other words, it forces you to stop  and think about what you’re doing and what you’re hoping to get out of the scene.. That holds true for wildlife shots too, and setting up a hide which takes time and some planning..  When you have good enough light with modern image stabilisation, and a fast enough lens it is probably more cumbersome to grab that action shot, and I rarely use one in such situations.. Night shots or low light there is no other way but to use a tripod and a release if you want sharp images.. 

A  solid monopod if you want to travel light,  which can be lashed to a suitable firm place like a fence or a gatepost is a great alternative.. Light and flimsy tripods are a waste of money, as you will probably be using a longer focal length lens (bigger and heavier), and a SLR with grip is quite a weight... A bag can be used to hang under the tripod to help keep it stable.. Or make a cloth bag to hold a rock you can find where you are shooting.. And hang that under.. 

Dont forget it is the speed of the lens that counts in the given light that matters most and maybe the fact the smaller compact camera is lighter means you are able to keep it more stable..

Danny O'Byrne  http://www.digitalartzone.co.uk/

"All the technique in the world doesn't compensate for the inability to notice" Eliott Erwitt