Watch this, notice even at 1/1000s the sensor is never fully exposed.
If the flash pulses at 1/4000, you'll only get about 1/4 of a frame and it might not be predictable exactly which part you get. This is why HSS works the way it does, it pulses the flash for a very long time, relatively speaking, so it covers the entire frame at the cost of the maximum light output.
What the D70 was doing was opening the shutter with the sensor off, turning the sensor on for whatever the shutter speed was, then turning it off. So the entire sensor would be exposed to the light from the flash because the shutter was entirely out of the way, yet the exposure would be right because of the electronic shutter. You can still get electronic shutters in compact cameras that have hotshoes, so that would be an option.