A normal point light does not target an object, but illuminates everything around it. Use such point lights for general lighting effects.
A target point light has additional target properties so it can be directed to an object. It can also be created from a point light by changing the target property of the point light from No to Yes.
In the standard lighting workflow, you can set a point light manually so its intensity diminishes with respect to distance either linearly, according to the inverse square of the distance, or not at all. By default, the attenuation is set to None.
A free point light can have photometric distribution properties. The attenuation for a photometric point light is always set to inverse square.
When the LIGHTINGUNITS system variable is set to 1 (American units) or 2 (International SI units) for photometric lighting, additional properties are available for a point light. The following photometric properties can be set via the Properties Inspector palette:
When the drawing lighting units are photometric, the attenuation type property becomes disabled. Photometric lights have fixed, inverse-square attenuation.
The following image is an example of a photometric point light and lighting properties palette with the photometric properties outlined: