As with all user generated content and indexing systems, there needs to be a critical mass of people using the system to make it worthwhile, and even though this has Nokia's name on it, it's going to struggle to get any significant volume of users – and those people will need to be close geographically to make it work.
Where it will have use is in events and festivals, such as the recent Camden Crawl who indexed all the band posters into the system. Then you just have the fun of getting the client installed on the phones of the attendees.
It will be interesting to see where Point and Find goes now, and if it gains traction in the real world. We'll keep half an eye on it over the next few months.
More at Nokia Beta Labs.