For good low light pictures of not absolutely still subjects, you need a faster lens. Like f/2.0 or bigger. Very few point and shoots have this.
I too wish I could get to the exposure compensation adjustments more quickly. Without so many button pushes for "menu", "scroll up or down", and "exit"
A reminder, exposure compensation does not make the camera take better low light pictures compared with other adjustments you might make instead. Lightening up the picture requires the same means -- bigger aperture, higher ISO, or slower shutter.
Exposure compensation is used mainly to make the background less washed out when the camera automatically optimized the exposure for a darker subject, or make the background less shadowy when the camera optimized for a lighter subject.
Some cameras let you do the equivalent of exposure compensation by aiming at something else in the picture about the same distance away as the main subject, pressing the button halfway, then framing the shot and taking it. Often the panel viewfinder will lighten or darken to give a better idea of what you will get before you take the shot.
Digital camera hints:
http://www.cockam.com/digicam.htm