Some of the ideas I've been working on for a new campiagn world can easily fit into the points of light.
The main campaign area was once home to a large human empire which grew corrupt and decadent. After a time, the dwarves ceased trading with the empire, while the elves grew angry with them, and stirred up a barbarian rebellion which ended up shattering the empire. In the time of the campaign, several centuries later, the empire is trying to rebuild, and there are a small number of human kingdoms which are relatively safe. The rest of the area is either wilderness or home to a number of squabbling baronies constantly at war with each other.
In the west, the clerics of the main LG deity have become intolerant zealots, they have established an oppressive theocracy and they and their paladins are on a crusade to convert the people of the land. Their main enemies are the old empire and a city of thieves that prizes its freedom.
In the south, a goblin empire has become far more militant and organized after years of slavery under the old empire. The hobgoblin rulers are now bent on a genocidal campaign againt a neigboring elf kingdom, which may erupt into an even bigger war.
The ancient elf kingdom was long ago destroyed in a war which followed the seperation of the elves and drow. The drow created extensive tunnels underneath the elf kingdom, and then collapsed them, sinking most of the kingdom under the sea. The few survivors still live on the islands which remain of the old elven kindgom, but many of them have fled to a new homeland far off in the eastern ocean. This old elf kingdom will probably be converted to eladrin if I go to 4e.
The dwarves are thriving in their realms, but long ago they lived far to the north, in an area that was very rich with mineral wealth. They were driven out by an invasion of powerful dragons and many of them hope to one day reclaim their ancient lands by force.
Between this ancient dwarven homeland and the main campaign area are the Witch-lands, ruled by cruel and evil spell casters. The theocracy wants to unify the main campaign area in part to purge the Witch-lands of its evil. The Witch-lands would pose a greater threat to the main campaign area, but the rulers refuse to cooperate with each other and constantly fight among themselves.
Across a sea from the theocracy is a small collection of primitive and barbarian kingdoms (if I go with 4e, I'll just turn it into empty wilderness to more fully embrace the PoL concept). Beyond these kindgoms is a long, wide, and deep river filled with ferocious predators and beyond the river is the terrible Crystal Desert, created in an ancient cataclysm. The Crystal Desert (which I intended as an area for epic adventuring) is home to many powerful monsters, and very few dare to tread there.
Anyway, while I have been designing parts of this world with 3.5 considerations in mind, I think 4e might work alright with it. I'll probably dump the dragonborn, since they don't fit into anything I've come up with, or I can just find a place to shoehorn them (there's still plenty of room). Same with tieflings, but maybe I can put them in the Witch-lands (that would work).
What I had in mind was a campaign where the characters would be able to establish a barony and become lords in their own right, like a traditional campaign, rather than having lots of big kingdoms where there's little room for the players to be large and in charge. I can easily work the points of light into this.