We propose a highly efficient hierarchical representation for point sampled geometry that automatically balances sampling density and point coordinate quantization. The representation is very compact with a memory consumption of far less than 2 bits per point position which does not depend on the quantization precision. We present an efficient rendering algorithm that exploits the hierarchical structure of the representation to perform fast 3D transformations and shading. The algorithm is extended to surface splatting which yields high quality anti-aliased and water tight surface renderings. Our pure software implementation renders up to 14 million Phong shaded and textured samples per second and about 4 million anti-aliased surface splats on a commodity PC. This is more than a factor 10 times faster than previous algorithms.