Hi John;
Unless I'm mistaken or you've customized the point system, the points system isn't specific to the "Who's Online", the point system is relevant to all search query results, the "Who's Online" is technically just another search query. If you notice, the "Who's Online" results appear on the same page as any search result and just as the following syntax ...
http://www.yoursite.com/search.php?st=onlineI guess the point system is a personal preference and can have it's pros and cons. I personally like it because when I do a specific search for people based on my criteria, I don't want a bunch of dead beat profiles appearing at the top of the list. I have my point system setup with a strong relevance to those who are logged in (online) so they will always appear at the top of the list for any search results, that's of course if they match the criteria I'm searching for.
The "Who's Online" search results naturally only includes those that are logged in, and the point system would place those that are most active and have uploaded photos to the top of the list. Those that are dead beats or Looky-Loos with incomplete profiles (especially no photos) IMO shouldn't be rewarded. IMO those that are premium members that actively post on the site and have photos, and possibly even paid for a premium membership, should always come before the dead beats.
Again this is just my personal opinion and preference, it can vary depending on the type of site you have and you should customize things according to your preferences and needs. There's really no right or wrong way of setting this up.