Hi Jerry,
Wouter pretty much covered it, but I thought I would add my experiences. On Mosquito one up in strong winds, I often pointed as low if not lower than two up boats, but was able to obtain a competitive VMG, but most Mossies one up are known for pointing higher than two up.
It's realy about what works for you and is dependent on wind and wave conditions, In rough water it can be harder to drive a one up boat upwind so to keep a good VMG you have to point lower.
The Hobie 17's I have come up against were certainly high pointers, but I generaly beat them one up in stronger winds pointing lower travelling faster. At the same time the Hobie 16's are starting to come into their own and the good guys are pointing close to the same hieght as me but going faster, beating me to the top mark.
So far on the F16 "Altered" I generaly point high, specialy in 5 to 10kts, up with the A's but as the wind increases I go lower as I get on trap trying to increase speed. Although generaly still a bit higher than two up F16's and F18's, this is still a work in progress as I believe I can still get better speed upwind and good VMG by pointing a bit lower and possibly matching two up speed?

Regards Gary.