I actually really like the idea of PoL, especially the way that PC screw-ups carry the risk of extinguishing a point of light. Enemies tracking you back to your safe haven? Uh-oh. And I've always liked the idea of PCs having a real impact on the campaign world from a relatively low level (one reason I never got into FR). I'm more of a "referee" style of DM than "storyteller," and I like "sandbox" games, so I like PCs having "narrative power" in terms of where the story goes. On the other hand, I think it's really the DM's job to interpret the rules and define the mechanics. Does that make sense?