The O U is a proper university, and in academic circles is held in very high regard.
Unfortunately many ignorant employers do not have this understanding, so it can be a drawback in these cases - but many others do know the extra dedication needed for distance learning achievement, and recognise it accordingly.
I have an OU degree myself, and have encountered both extremes.
If you have a problem with the points system, ring or e-mail them, they're usually very accommodating and helpful.