The Point Tip is essentially a single 20LPI point. While this tip obviously does not cover much area, it can be useful for touching up small spots or certain patterns that require minimal coverage. It mimics the 20LPI tip when used lightly, providing a small square rather then a circle like traditional point tips found in hobby wood burner kits. It can be used a tad deeper for a wider pattern, and the user may also choose to take a file to the point and flatten it slightly (or tap it with a mechanic's hammer), resulting in a tip that mimics the 16LPI texture.
The first image on the gun frame shows a 16LPI Waffle tip imprint, followed by using a slightly flattened Point Tip to make the arc around it.
The second image on the gun frame shows a 20LPI Waffle tip imprint, followed by a fresh Point Tip.
The third image on the gun frame shows the Point Tip (unmodified) using slightly varying depths.
Keep in mind that a single point is a bit harder to control then a Waffle Tip, and requires a bit more finesse to make pretty.