I've personally had great success with three-point estimation. [1] As far as statistical methods go, its pretty simple - yet it tends to work surprisingly well. To my knowledge however, none of the popular software on the market has any of the tools needed to do even something as basic as this, at least out of the box.
There is a whole set of tools out there for probabilistic modeling, and if we're serious about estimation, we should start talking about them.