While the defaulst point/spotlight actors in UE4 do an incredible job of lighting a level I wanted to create a stronger realistic feel with them. As such I have decided to use IES light profiles for my lighting set ups.
IES profiles simulate a light source behind various layers of glass much like light bulbs or diodes often have lensed clear covers to focus or intentionally spread the light beams (thing adjustable flashlight). IES light profile add this effect as a prebaked texture that can greatly improve visuals with little computing cost.
Conclusion -IES light give great artistic flexibility, while employing realistic light patterns to a scene.