r th hbrw vwl-pnts nsprd? Clrly, ys.
There are two separate issues here.
1) were the Hebrew vowel points written in the original text?
Some people have argued that they were, and that all current ancient Hebrew manuscripts are therefore incomplete (see link in original post).
Most modern scholars (including all of the Reformed OT scholars I know) believe that the original manuscripts were unpointed (like modern Hebrew and the Dead Sea Scrolls) and that the current vowel points were added by the massoretes in the middle to late first millennium AD.
2) did the original text imply a certain (inspired) set of vowel points?
As Matthew notes, the lack of vowels does not mean that the consonants are infinitely plastic. The original authors had particular inspired words in mind that had vowels as well as consonants.
Where the rubber meets the road:
Not all sentences are as unequivocal as Matthew cited. Some could have more than one possible set of vowel points (though only one of these could be the original inspired meaning). In some cases, the greek translation of OT passages is clearly reading a different set of vowel points, just as in some cases it is reading a different set of consonants (including cases that concern jots and tittles, such as "Aram" vs "Edom"). In one instance I looked at just this week, in Genesis 14:5, the MT has
beham ("in Ham") where the LXX has
bahem ("among them").
If you think that the present massoretic vowel points represent the original vowel points perfectly, then you won't bother with textual criticism comparing the Leningrad codex (BHS main text) with the Septuagint (whatever you think that is). You may still have to do textual criticism amongst the different Hebrew manuscripts, though, and it is hard to explain why the vowels should be perfectly preserved where in some cases the consonants are open to question.
In most cases, both with vowel differences and consonantal differences, I would argue that the MT is correct. Different translations have different sympathies though: the RSV is much more Septuagint oriented, while the original NIV is distinctly more MT oriented. And the MT is clearly better preserved (i.e. there are less text critical questions, however you choose to resolve them) in some places than in others. The beginning of 1 Samuel is notoriously tricky, for example.
Probably more than you wanted to know, but I hope this clarifies things.