Single point perspective photography or drawings are based on leading lines running from the edges of the image "away" from the viewer, creating a sense of depth. It's a very popular technique among beginning illustrators as it allows you to keep a check on proportions and lets you "snap to a grid", for lack of a better term.
The most typical example I can think of are images like this - shooting down a straight road with a wide angle lens.
Now, is it a useful technique for creating compelling photos? Like any photography technique, it has it's uses, but it's far from enough to create a compelling photo. It can be one element of a successful image, but that's just because it's a natural result of how we and cameras perceive the world. In my opinion, images that treat it like a gimmick tend to be banal. Stuff that would be popular on postcards, at best.
That said, IMO shooting a street like that tends to work really well as a background for portraits, but others might not agree with me.