Points is just a stupid new term they are using in place of DOLLARS. It is meant to make you think you are not spending real money. It's like calling a duck a squirrel, but it's still a duck.
:D
The $15-$5000 bids only come in to play on contested domains (in other words, every domain that is worth anything at all). Then those who have put that name on their lists will have to bid for it, starting at $15 over reg fee and going as high as 5K. Even worse it will be BLIND bidding. You may bid $200 when the guy under you only bid $15. In other systems you would have gotten it for $16.
Looks goofy to me. I won't be using it.