Here's how it's commonly used:
* Time: "Las cinco en punto" - "Five o'clock sharp" (meaning exactly at 5:00, not a minute before or after)
* Location: "Estoy en punto de encuentro" - "I'm at the meeting point" (meaning the precise spot where everyone is supposed to meet)
* Precise moment: "En punto de partida" - "At the starting point" (meaning the exact place where an activity begins)
"En punto" emphasizes accuracy and precision. It's a useful expression when you want to be clear about a specific time or location.