Yes - I remember it. I have some of the songs on my ipod, like Think About Your Troubles, and Me and My Arrow.
This is the review from Amazon.com
Must everything have a point? That's the question posed by Harry Nilsson's 1971 pop parable of a well-rounded young boy named Oblio, from the Land of Point, who's cast apart from the community by those who resent his pointlessness. Conceived when the gifted singer-songwriter was on an acid trip, The Point! is a product of its time, what with its central theme (the hollowness of conformity) and ornate Beatles-era pop. But the message--presented in song and narration--and music are delivered with a grace and gentleness that elevates The Point far above most socially conscious '60s art. Produced as a made-for-TV movie in 1971, this audio version of the modest masterpiece will appeal to adult fans of the late singer. More to the point, however, it'll capture the fancy of thoughtful youngsters who'll empathize with the little boy who finds points where he's told there are none, and concludes, "If everything has a point, well then I must have one, too."