Point Forward is an unofficial position who share the attributes of a Point guard and a Forward (wikipedia). It is a role that usually played by tall Forwards who has great vision on the court and capability to bring up the ball and facilitate the offense.
It can be used for a team who have guards who is not strong ball-handlers and to free their guards to score outside. It can lure the taller defender in the perimeter and create more pressure on the post.
But only several systems and plays supports this position.
John Johnson, Larry Bird, Magic Johnson,Lamar Odom to set some examples of point forwards who dominated the league before. Lebron James also played the Point-forward effectively before in the Miami Heat. This position also creates more depth in the rotation, having a player who can play and dominate in different positions.