I think his would be nice option for preview modes of points - not taking too much space (like big dots now) but also better visible (unlike small dots now) and looking nicer than crosses.
It’s difficult drawing semi transparent objects in 3d due to depth buffering. The only way to make it look correct is to sort the objects back to front, which (a) takes time and (b) requires all points to be stored in a single collection, meaning an additional copy in memory.
On a personal note I find this looks vague and inaccurate, as though the exact position of a point is not known. Good for certain styles of preview, but not really suitable as the default.
It’s also harder to distinguish nearby points. Does this fuzzy cluster contain 3 or 4 points? Harder to tell than it would be with crisp point shapes.
No doubt gh2 will again have ways to draw points as fuzzy blobs, and they will probably not look much better than they do now in gh1.