Mike - the black point is nothing more than what you define it to be. Same with the white point.
<> I find that the Photoshop Levels tool (RGB) makes a lot more sense. Let's look at this image:
If you look at the histogram, I don't have significant amounts of data at the extreme left or extreme right, so I know that I have not clipped the blacks or white values. I know that snow is white, but my histogram suggests otherwise, as I am showing no substantial highlights with values above 238. That is light gray, not white.
On the other hand, I'm pretty sure that some of those little buried dark areas are quite likely black, but the lowest substantial area of black I can see has a value of 7; so again, close to pure black, but in reality dark gray.
If I move the black slider slightly to the right, to the point where the histogram shows a steep rise (value of 7 on the scale), I will have set my black point and any values to the left of the slider will all be assigned values of black. This is what is referred to as "setting the black point".
The same thing will occur on the right hand side. If I move the right hand slider to 238. the point where the histogram ramps up steeply, anything to the left will be assigned as white. Here I will have set the white point.