Emacs equivalent of Vim's foldmethod = indent

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

I am particularly interested in something that can work alongside any Emacs major mode and any file. The Emacs searches have not turned up a definitive answer.

Seems like it can, though I don't use folding myself, so I've not tried it. Not surprisingly, the Python folks are all about this feature. See the following:

• http://mail.python.org/pipermail/tutor/2002-September/017482.html
• http://www.nabble.com/Code-folder-with-Emacs-td16189193.html
• http://groups.google.ca/group/comp.lang.python/msg/956f1c2d37f93995