The explanation is not true. It says "Only the Full model is capable of supporting a point in time restore.", however bulk-logged recovery is fully capable of supporting point in time restores, and it also requires log backups.
The only limitation on point-in-time restores in bulk-logged recovery model is that a log interval that contains a bull-logged operation cannot be restored partially.
So say we have this scenario and the DB is in bulk-logged recovery
08h00 log backup
09h00 log backup
09h45 minimally logged operation (select into)
10h00 log backup
11h00 log backup
Then that database can be restored to any point in time between 08h00 and 09h00 or any point in time between 10h00 and 11h00. The only limitation is that, because of the minimally logged operation in the 09h00-10h00 log interval, that log backup can only be restored in its entirety (to 10h00) or not at all.
I'd reference an article, but it hasn't been published yet. Refer to Kalen Delaney's SQL Server 2008 Internals, or Books Online.
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