A lot of it's preference. I've always dispised darksun, spelljammer and planescape, for instance, I couldn't begin to say anything unbiased about them.
I see no reason to go with anything but Points of Light. It's a perfectly good concept that works well for D&D - plenty of rationales for there being wierd underground complexes full of bizarre monsters, arbitrary traps, huge treasures, and earth-shaking magic items, and plenty of reasons to go into them. The Tieflings and Dragonborn are prettymuch tied to the setting, as are, seemingly, many of the denizens of the Monster Manual. I think the game getting tied a little more strongly to the setting this time around, so just go with it.
The eternal other option, of course, is to come up with your own. That's what I've always done in the past. This time around I /might/ go with Points of Light, or I might use a homebrew I came up with but never used for 3e - that's a lot like PoL, actually, just with a primal wilderness instead of forces of evil.
