Intensity based registration uses the image intensities directly -- this is the most common form and the most automated. Point-based (feature-based) methods first require extraction of key landmarks/surfaces etc. and then use these for registration. They (point-based) can be more accurate for specific regions but require additional effort to extract the surfaces. (One example where this works really well is in mouse-CT registration where the bone surface can be cleanly and easily extracted)
Xenios
PS: See
http://noodle.med.yale.edu/~papad/various/papademetris_Image_Registration.ppt for a quick overview talk on Registration.