The short one is lighter (~9oz vs ~11oz) and more compact, and I think it might still get the job done. One of the problems when using it is getting the legs somewhat near level and somewhat stable, caused by the fact that leg length is not adjustable. Unless, of course, there is a situation where it might be desirable to shorten the leg length by one section and let the ferrule/shock cord rest on a rock or log.
The way I like to use it with the P&S is to set the tension on the ball head so that the camera is stable but can still be moved by hand to adjust the composition, and then use the self-timer to trip the shutter.
This is great with a P&S because there is no shutter vibration to speak of. However, it would be a different story with a SLR because the mirror slap/shutter vibration could definitely affect image sharpness with shutter speeds from 1/4sec to about 1/60sec, depending upon focal length.
It would not be unfair to call this tripod "rickety", but if you are willing to work with its limitations in return for its light weight and compactness, it most definitely can be done.
For a little more stability in the wind, one could probably rig up a little rock anchor using a tiny stuff sack, some 1mm cord and a short section of shock cord, attaching it somewhere around the neck of the ball head.