There’s also a hybrid point light in UberSoft Lighting Kit http://www.daz3d.com/shop/ubersoft-lighting-kit/ - though it’s most likely using raytracing as well just by design (DSMs in 3Delight are essentially renders through a light as if it were a camera, and point lights are no cameras).
On second thought… this is a hybrid point light that can merge into a direction light, so I have no idea as for the actual algorythm Omnifreaker used for it.
Having said that, I hate raytraced shadows as well, but I’ve used USLK a lot and I like it very much. It’s pretty fast and looks cool. Though the shadows it gives are quite soft (by design, again, hence the name), and I’ve had people point them out to me as “unrealistic” (yet to my NorthEuropean eyes they’re quite alright, both for overcast day outdoor stuff and for interior stuff - my real life home also has very soft shadow lights…)
The biggest downside of USLK, to me, is that I can’t grasp how to make it shade low poly figures better (without faceting). And I like low poly…
There’s always an option of making an “inversed dome” of spotlights (like a hedgehog) to simulate a point light, but you’d need to check if 16 shadow maps are going to save you any time vs a raytraced shadow…