I was just using the point to store a movement vector. For example, when the user presses Up and Right, the point has the values { x : -1, y : 1 }. It has the handy side effect of canceling out movement on an axis when opposite keys are pressed; for example pressing Left and Right at the same time will result in a movement of 0 on X.
Normalizing the point by the speed value results in a movement vector that moves the player at the same speed even if moving on diagonal. You may have noticed that moving diagonally is often much faster than moving in a single direction, and normalizing the vector fixes that.
Ultimately you don’t need a point variable at all, just feed moveBy with the amount you want to move on X and Y. I like to use points for the reasons above, though, and it makes for a very concise example.