Hero points

For now the ways to earn points will be through the Obsidian Portal website. There may be other ways, such as Jim volunteering to help with the stronghold builders guidebook when it becomes relevant. Or Bill you might be able to get a point doing the character portraits like you like, now not 1 for each one. :)
Having your character on the wiki. Earn 1 point.
Have a well done character on the wiki. Earn 1 point. (this includes a sheet to be viewed, who your character is and why, what organizations you belong to etc.
Keeping your character up to date. Earn 1 point every so often when the DM checks. Might happen once a quarter.
Posting an adventure log. 1 point. I need to know you are going to do it in place of me.
Posting a valid wiki page. 1 point. It has to be a well thought out well done page, not 2 lines about an NPC. Includes linking to applicable other pages.

What can I spend them on? There are 2 things. Permanent and temporary. Temporary come back, but only when the DM does a reset, this will be after a set of adventures, say the Raven Menagerie series coming to an end etc.
Temporary Bonus to a die roll before the roll.
+2 is 1 point
+4 is 2 points
+5 is 3 points
Reroll your damage roll – 1 point
Avoid being hit – Before the DM rolls – 1 point
+10 to initiative –
1 point Heroic Continuance – you may act for one extra round when you should have succumbed to unconsciousness. If you have an ability that lets you do this, then your natural ability goes first, and you can spend a point to have a second round. 1 point. (others as I or you think of them)

Permanent (the points are gone when spent)
Critical success (roll a 20 either combat or skill etc) 1 point

Avoid Death (once per adventure) 1 point (MUST BE CALLED INTO USE BEFORE THE END OF ROUND YOU DIE IN)Clarification added 05/26/2016

Gain an extra Standard Action 1 point

+1 rank to a skill – 2 points
Raise ability scores (not above racial maximums)
11 – 2 points
12 or 13 – 3 points
14 or 15 – 4 points
16 or 17 – 5 points
18 – 6 points
Gain a bonus Feat – 8 points
Gain a class skill – 6 points

Current Hero Points Updated 03/10/2020 by Pimfire for use of 1 points to avoid instant death by awesome Mr. Dragon
Dresden – 7
Morrin – 5
Mok -24
Omegason – 4
Clearice – 2 1temp
Pimfire/Amuka – 6
Xavier – 5
Dalarn – 4
Ellae (Bob) – 1

Hero points

Ravens Bluff, The Living City diselbeast96