I had the identical thing happen to me. Driving on one of our local highways - the 407 no less, battery light goes on, power steering dies and temp gauge no longer moves. Car dies about 2 KM later. I had it sit by the side for a bit (about 10 minutes) and it worked again. I drive for maybe 10 KM, and it dies agian. This time it does not start anymore. I had it towed into a shop and found out it was the belt that had come off???
Just out of curiousity, anyone know how tight that belt should be?