To get something straight: re-rendering the scene is not as costly as you might imagine.

In my oppinion classic cubemap-shadowmapping is the simplest way to perform point-light mapping with lowest degree of shadow aliasing - this is similar to Kartoffels statement. Hummels blur implementation also works very well, so it is a good compromise between simplicity, quality and performance.

Best thing I ever saw for Gamestudio - use it!

What I dislike is the framework/integration friendliness, however, I will fix that for myself.