Actually, I hardly know anything about it myself...
I know that certain pokemon possess certain point values for certain stats (bidoof= 1 value pt. for hp). I have read that you must earn 4 value points and then you get an actual point when you raise a level: you know that little white box that pops up and tells you how many points your stats have grown? 4 value pts= 1 pt. for a stat.
I think this is different from going to the elite 4 is because the e4 grows your pokemon in HUGE amounts. like an alakazam from lucian may give you 3 pts. in sp. defense, but it grows your lv.70 togekiss 1/3 of the way to lv.71. That means that you won't have as much room to battle more pokemon!
I also know that the amount of value points each pokemon is worth ranges from 1-3.
But don't listen to me. I have never tried it (because I just recently learned) and that is just my understanding of it. You may want an expert's opinion.