I think [Points].[Id] and the [Date] in #" & [Date] & "#" each refers to a field in table Points. Probably Geoff is using the function in the Select clause or the Where clause in a query. For example:
SELECT *, Dlookup("[M1_Present]","DataElectricity","[Point_Id] = " & [Points].[Id] & " And [Date] = #" & [Date] & "#")
FROM Points;
Or:
SELECT *
FROM Points
WHERE aField= Dlookup("[M1_Present]","DataElectricity","[Point_Id] = " & [Points].[Id] & " And [Date] = #" & [Date] & "#");
Of course, without the necessary information, it is all guesswork and I might guess wrong, but given the structure and data in tables Points and DataElectricity, the function in the above two Select statements works.
DBL gave good advice. Though [Date] works in the above function, I personally avoid using reserved words as field names and table names.
Edit:
DBL is absolutely correct. DLookup() looks for the date only in US format. So if the Windows' setting is not in US format, DBL's MakeUSDate() function should be used.