John, let me add to that...

1) points will never leave you completely stranded, pointless will.
I have never had a traditional points system cut out at 70 mph, I have had several pointless and electronic ignition cars that would do that at some time or another.

True enough, although I've had no reliability problems with my Crane or Lumenition systems in many miles/years. On long trips I take along a spare point distributor, just in case.

2) the reason for pointless is to replace worn out distributors as it's the shaft woble that causes performance problems with points distributors

It will give consistent dwell even in a wobbly distributor, which is not possible with points. Also, there's no point gap that gradually closes down, retarding timing as well as degrading coil output. We have seen Perlux rotors slip on the distributor shaft, giving large shifts in timing, although this is correctable. The Crane system is generally more solid.

As long as they don't break down and leave you stranded, they do have benefits -- being maintenance-free is worthwhile to many people.

3) points will essentially last forever with an electronic high energy ignition that is only using the points as a trigger for the electronic system, so points + plus MSD, plus a decent dist can work really well.

Excellent point (no pun intended). However, gap will still eventually close down as the rubbing block wears, retarding the timing.

Also note that while MSD is an good coil driver at any speed, the Multiple Spark
Discharge function only operates at low RPM. It's really meant to keep the fires lit in high-load, low-RPM conditions, like slogging in mud off-road. It also draws LOTS of current.

In other words, John's concept is correct, but I think there are other systems besides MSD that do as well or better, and for less cost.

4) comparing the performance of a good points system and a pointless system that is not a high energy ingnition, there will be no difference, so just putting in a pertronix will only give you an improvement if you have a problem that needs to be fixed.

Yes.

5) I have changed my position on this as a result of testing in the last year - any performance B20 should have a high energy ignition, whether with or without points, as with it you can tune for better overall performance - including fuel mileage.

I agree absolutely for performance motors. The question remains whether or not a stock B18 or B20 gets any real benefit from more spark than a sound stock ignition provides.