That is essentially the case. The higher-end nikons with their 51-point arrays do essentially the same thing, but in a speedier manner and using a different method to confirm focus (SLRs use swifter phase-detect while the G1 uses more accurate contrast-detect).
Concerning metering, I believe there are options to link the metering to the focus point, as well as the usual matrix metering, centerweighted metering, and spot metering options.