I use mine for scouting more than testing exposure or anything like that which Polaroid would be used for. I have a Canon A series P&S which does have fully manual modes, even including focus. So it theoretically could approximate the large camera's exposure, but I've never tried out doing that. I certainly wouldn't buy a digi just for this use, but if you happen to have one already, it can be a useful tool.
I've used it AS a meter for my retina from time to time... (in program mode it shows f-stop and shutterspeed).Throw that 4 oz digital right next to your meter...right?