Ao you mean that you could position object's X and Y by other points, like "set X position of Sprite to 320 using point (something) as 'hot spot'"?
Indeed, that would help position obejcts, say if there were sprite "Dude" and sprite "Baseball bat", the hot spot could be in the middle so that rotations and physics would work well, but there would be a "grabbing point" in the grip, so that you could position the bat's "grip point" to the Dude's "hand point".
I think that changing position of image points run time should be also implemented. I can think some use of it, ie. if a character is shot, there could be a bleeding wound in the right place.