I half wrote a reply to this but accidently closed it ROAR how annoying but I like this question as I've been pondering for a long time now; seeing this thread as made me realise somethings. Part of my college course is to design and create moving-image, the 'thousand word' idea about photograph has always intrigued me as I thought it would be great to achieve that with moving-image/film. I see point sparring as photography in a sense, and moving-image as full contact sparring.
I've never competed in full contact but have fought in inter-dojo point sparring comps. I find that point sparring is like chess, and every time I participate full-contact it does not feel so much like chess. I am now thinking that this is because I am not experience enough with full-contact sparring to see it as a much more prolonged version of chess, where a player may get 1 or more moves. As you may be able to tell I'm finding this very hard to discribe haha but I believe there are a lot of values in point sparring, and full contact.
I used to think very tactically about point-sparring and I do find this quite enjoyable. Point-sparring is just one of many extensions of the sport/art which is MA and like many things does not need follow realism. You coul look at point-sparring to represent the idea that 1 point scored could mean your death; to prevent that point being scored on you can be a very difficult, very challenging and altogether very satisfying thing.