I'm for Point Buy for the most part, but there're a couple downsides to it. Namely that if you have a character concept outside of the norm, then it's harder to create such a character without an insane number of points than it is to roll for it, and hopefully, come out with good stats.
For instance, let's say I want to play a two-weapon fighting Paladin. To do that I need the Two-Weapon Fighting Feat. To get that, I need a Dex of 15. And a Dex of 15 costs 8 points. That leaves 17 points on a 25 Point Buy. Not a whole lot left when split between Str, Con, Wis, Cha (All must haves for a Paladin) and Int (Which I never take below 10, as the Paladin has few enough Skill Points as it is). So to get such a character, my statline would probably have to look as follows.
STR 12, DEX 15, CON 10, INT 10, WIS 12, CHA 13
He can fight with two weapons, sure, but otherwise he's a terrible Paladin. So in cases like that, I prefer to roll and hope for the best. But overall, though, I do prefer Point Buy, as not every character I come up with ventures that far off the beaten path.
However, it would be nice if a higher points amount was the norm. Say 32 points in place of 25, and 40 instead of 32. I much prefer the idea of higher statted and less magic item equipped PC's to lower statted PC's with magic items popping out of every orifice. I like the news, though, that PC's won't have to rely on magic items as much. Personally, I've always favored characters who were individually tough, and could hack it in a world even if they didn't have magic items. One of the good sides of the Midnight campaign setting. A character's heroic because of who he is, not because of all the magic items he's carrying.