I used the function in CCleaner when I wanted to remove known bad Restore Points (driver installs that prevented Sleep/Hibernate functions from working) without removing known good Restore Points.
System Restore Explorer looks interesting though - I may have a play with that when I get some time as I like the idea of restoring individual files.
The notion that the Restore Points are incremental doesn't work for me - although it may seem to explain why MS don't allow direct access to delete individual Restore points.
For this to work, the 1st Restore point in a "set" would have to be a 'Full' backup/image with subsequent Restore points being incremental, and you would need to restore back to the Base Full Backup and roll the incrementals back on top to the desired point in time. A Differential backup strategy would make a little more sense, but again would require a Base '"Full" backup as a starting point.
Two problems with this for me - that fact that MS implements a first-in, first-out algorithm for freeing up old Restore Points, and secondly the fact that you can jump around between older and newer Restore Points in any order.