The purported fact that geometric theories formulated in terms of points and geometric theories formulated in terms of lines are “equally correct” is often invoked in arguments for conceptual relativity, in particular by Putnam and Goodman. We discuss a few notions of equivalence between first-order theories, and we then demonstrate a precise sense in which this purported fact is true. We argue, however, that this fact does not undermine metaphysical realism.