Emacs equivalent of Vim's foldmethod = indent

Question

Question: Does Emacs have a canonical equivalent of Vim\'s Folding with Foldmethod=indent?

I am particularly interested in something that can work a

Answer 1

maybe selective-display? I have the following function bound to [f2]

;; http://emacs.wordpress.com/2007/01/16/quick-and-dirty-code-folding/
(defun jao-toggle-selective-display (column)
  (interactive "P")
  (set-selective-display
   (if selective-display nil (or column 1))))

That's pretty bare-bones, though, and you'd really want it to be Pythony-indentation sensitive....

UPDATE: I was staring at this last night, and realized that I was tired of C-u entering the column I was on (plus 1).... so I coded it up:

(defun toggle-selective-display-column ()
  "set selective display fold everything greater than the current column, or toggle off if active"
  (interactive)
  (set-selective-display
   (if selective-display nil (or (+ (current-column) 1) 1))))

Further elaboration should combine the two functions.

See also: How to achieve code folding effects in emacs