It would be sensible to test those point releases. So, I agree that point releases are Ubuntu+1 or +2 or +3 or +4 in the case of Precise. :) Those point releases will certainly be in QA Ubuntu for testing.
On a regular basis, the LTS release gets a point update which includes access to a new, current kernel (supporting new hardware without regressing the old hardware on the previous kernel, which remains supported), new OpenStack (via the Cloud Archive), and various other elements. I think we could build on this to enhance the LTS with newer and better versions of the core UX (Unity) as long as we donít push those users through a major transition in the process