Just did a quick test:

It is nothing more than a expanded firewall with restrictions for single 
applications. The first thing I experienced was a srewed rule for 
mozilla thunderbird which wasn't even deletable.

The VPN part is only a GUI for the built in XP stuff, nothing more. 
Encryption is limited to 3DES and no aggressive mode possible.
Best one: I configured a tunnel and after a small animation it said: vpn 
tunnel established.
For only there was not a single nic connected on the box...

There is some room for improvements from securepoint.

Regards

-Bjoern