Can be used instead of wrap deformer to more efficiently wrap point-identical objects (poly to subd for example). Never shoots points back to the origin.
The point2point deformer plugin was developed for Rigging, using wrap skinning. The character skinned had to be low poly and does not have to be seamless, head, hands etc. could be separate from the body to skin them easier. Using a wrap deformer to drive a highres full body maya subdiv to render came with lots of imprecision, shooting points and was extremely slow. The point2point deformer does the same job, is about 20 times faster and does not shoot points. Its not the same as the wrap though, objects need to be identical in their topology and the points will be forced to the exact position of their counterpart.