Here's what a warning point does:
1. It leaves a record for Security moderators to know why someone was warned in the past, and gives a link to the content they were warned for if it was a post/blog/etc. This is useful for us in getting an at-a-glance concept of whether someone has been in trouble before, how often, and for what type of behavior.
2. It's a quick, easy way of letting someone know that the content they've posted is violating policy (and how). We realize this part is where a lot of the confusion is coming into play and we will be putting out full information for what the stock warnings actually mean soon.
3. That's about it. o__o No, really! They don't stack up, they don't have any particular effect on whether you qualify for a moderator position (not necessarily anyway), certain things don't have a higher point value than others, and they don't effect the Security team's decisions to ban outside of the factors that are considered anyway.
Warning points mean BUNK in the long run. You can have fifty previous warnings and not be banned, or you could be banned with none at all. It's all about your behavior. So DON'T WORRY IF YOU HAVE A WARNING POINT.