This is an interesting topic, and one I've been trying to come up with a mental list of "best practices" for, but I keep thinking of one thing that most of these articles don't seem to cover much.
Theoretically speaking, in a world of monitors with different, and potentially very high, pixel densities, wouldn't pt actually be the best long-term solution? I'm not saying this is possible with current software and hardware, but just thinking ahead.
That is, if 1pt = 1/72", and I wanted "regular sized" text on screen, which is say about .2" tall, AND the computer knows what the pixel density of the screen is AND it supplies this info to the browser, then if I set the font as 14pt, the browser would calculate the correct pixel height for that size regardless of whether the monitor was 96dpi or 200dpi. Whereas if I use px explicitly anywhere I'm now going to end up with entirely unreadable text on a 200dpi screen, or giant fonts on a 96dpi one.
Again, this is a pure hypothetical at this point, and it would also probably require a way to appropriately size images to match screen pixel density (I suppose that's what IE's zoom feature is trying to accomplish), but I've always wondered if we wouldn't come back around to pt again some day.
Of course, if you use ALL em, and never refer to any explicit px heights, and if the browser has its default font size set to something reasonable for the screen, then it'll work anyway. So maybe even then we'll stay with em and it'll just be more important than it is now.