I have heard it said that pointing labs do not point as well as true pointers do. I agree based on what I've seen from them, but I have never hunted over one and therefore can't really make that statement.
If you only hunt pheasant, get a regular lab. I point dog is of very little advantage on pheasants. There tendency to run can negate the strongest points on at least 2 out of 5 days in all but the heaviest cover. If you hunt grouse its a whole new ballgame.
It has been mentioned that you often times won't get a natural, strong point in pointing lab like you tend to get with regular point dogs. On the other hand, a typical lab will have a darn good flushing instinct and can be great for bringing all kinds of birds to flight if they have good OB. There is nothing better about a pointing dog, the point attracts people but it wont always put more birds in the bag.
It works both ways. If you live in a warmer climate some of the versatile breeds might duck hunt for you year round. However, these breeds aren't labs. They can pretend and thats it. I have worked Annie (GWP) side by side with a lab, and a lab is just a retriever. You can't really have a true retriever bred for the purpose that points like a pointer.
It's your call in the end, largely personal opinion. Remember the point doesn't make the dog better at upland hunting. I have seen some great dogs that flushed a lot of birds in shooting range.
And that is all that I have to say. A lab that points does sound darn good, but the word "point" seems to carry a bit too much weight for some people.
The 4th pic montana bound posted is possibly the coolest looking thing I have seen a lab do, just for the record.
