Your PS or Conpact camera may have very different possible ISO settings - for example ISO 100 to ISO 1200.  The principle is the same.  Cameras with large sensors have a greater ISO range.

Choosing the best ISO setting. One easy way of adjusting the light gathering capacity of our cameras involves changing the camera’s ISO setting.  ISO on digital cameras mimics film speeds (ASA) of older SLR cameras and reflects the light sensitivity of the sensor. In film, on a bright day you would probably use film with an ASA of 100.  On a cloudy day, you might use 400 ASA film.  Indoors you might go as high as ASA800.  The concept is the same for digital cameras. Most cameras go from a slow speed of 64 or 100 to higher speeds of 400-32,000. One camera now even boasts an ISO of 112,000! Lower ISO numbers are used when it is bright. Higher ISO numbers are used in situations where it is dark. In fact, using a higher ISO setting in bright daylight conditions may overexpose your photo despite compensating with smaller apertures and faster shutter speeds. In low light conditions high ISO settings result in brighter, but grainer (noisier) photos (esp. in darkest areas of photo).

If it is a matter of choosing between not being able to take a picture and suffering a noisy image, take the picture at a high ISO and then try to clean up the noise afterwards in a noise reduction software.