The point object is used frequently with cursors. Point features return a single object instead of an array of point objects, but all other feature types return an Array of point objects or an array containing multiple arrays of point objects if the feature is a multiple part feature.
A Point is not a geometry class, but used to create a geometry.
point = arcpy.Point(-35,74)
ptGeom = arcpy.PointGeometry(point)
The properties of the Point object are as follows:
There are various methods introduced at v10: clone, contains, crosses, etc... They can be found here.