The Blender Simulation Site has posted a quick article on Point Cloud Rendering with Blender noting some better solutions for rendering. Check out the article for Pointcloud rendering with Blender here.
Blensor.org notes that “This may not be the most common usage scenario for Blender but if you want to visualize pointcloud data coming for example from a LIDAR scanner or a Kinect or whatever 3D scanning device you are using you are basically out of luck. This is because point clouds have no volume, no faces, and no edges.”
