The point is called yintang, which translates into hall of depression, and it has a couple of uses.
It is a powerful point to calm the mind, especially for insomnia, anxiety and agitation.
It activates the channel to alleviate pain especially when someone has a frontal headache.
It lies directly on top of the sinuses, therefore when someone catches a cold and their sinues are inflammed and/or full of mucous, it will help both these conditions. ( usually accompanied by a headache) It really benefits the entire nose. It can also help with nose bleeding.
It does lie on a main meridian which is your Ren Channel, with is full of blood and Yin. It is an extra meridian.
the problem with doing studies on acupuncture is that you can have a group of say 50 people with back pain, but according to Chinese Medicine, the back pain could be caused by 10 different reasons. It is hard to give everyone the same acupuncture points to help their condition. Each person is unique, therefore will need different acupuncture points. That's what makes the medicine so great, you don't get what everyone else gets, you get what you need. In reality though, acupuncture helps with the pain and gets the energy moving, but if the person doesn't exercise or move in their own life, the back pain may return.
Ron probably hasn't ever had a series of treatments himself, and is therefore making his judgment about Acupuncture based on other people's studies. It is also hard to know the motives of the people doing the studies, and all numbers can be skewed. Just my two cents...