Hub's and Aaron's points* are (as always) well taken. On the other hand, I've had some pretty good cooks over the years when I've separated the point and flat before cooking. I started doing this when I decided to occasionally corn the flat but still wanted smoked point for chili, sandwiches, burnt ends, etc.
I guess my theory is that they are substantially different chunks o' cow and separating them allows me to cook them as such. I'm not sure if it really does what I think it does but if I'm smoking the flat I usually put some of the trim on the rack above and (again, according to one of my many unproven theories) let the drippings assist in keeping it moist.
It works for me but, of course, YMMV.
Jus' sayin'...
* don't know whether the pun was intended or not - it just sorta crept in.