I think it depends on you. I'm already writing the setting for my PoL campaign, a formerly dwarven clanhold called Goldbarrow because, surprise, it sits on an enormous gold vein.
It also has a relatively unique location, with a large weald to the south, a mountain range on the east separating it from the rest of the peninsula it's on, a moor to the north and a large swampland/river delta along the river to the west. The "point of light" is the city itself, obviously, but the entire half the peninsula that's separated by the mountain range could be considered "illuminated." Because of the mountains there haven't been the hordes of goblinoids, the trouble with dragons and other invading dangers.
The problems arise, literally, from the mines beneath the city which connect to an underdark that traverses the mountains to the east.
I'm shooting for seven major power groups, one of which is the "source of evil" in the city. The entire heroic campaign will, with any luck, take place in the immediate city. The paragon campaign will take place in the surrounding countryside as the taint of evil begins to seep out of the city, while the epic campaign will delve into the tunnels below the mines.
Most of the significant NPCs are just barely into the Paragon range, and are by and large far too busy to assist the heroes beyond dispensing advice about their next move should they get stumped along the way. Obviously once the heroes reach the Paragon tier they should be beyond the need for their notables' assistance, but again, if they get stuck those individuals may be able to supply them with a clue.
While the setting is a dwarven clanhold, the "civilization" in this point of light has no real "power" species; each of the six specie have notable individuals occupying positions of power, from Wardens (mayors of the districts, basically) to leaders of the Transportation, Merchant, Artisan and Miner's guilds, the Goldbarrow Guard and in the Temple Ward's churches.
Pretty ambitious, I know, but as much as I like the changes coming down the pipe for Forgotten Realms, my current group prefers homebrew settings, so PoL will suffice.