I discovered recently on rcgroups that the hacky point of interest feature of the Phantom 2 was not well known... people seemed to assume that it simply wasn't possible until I pointed out how, so I thought I'd come here and explain for my favourite forum:
The Phantom already has POI.
Source: DJI Wiki
If you use this in combination with IOC you can simply set your home position above an object, then use your right stick to fly in a circle around it.
The Phantom already has POI.
Quickly switching the S2 switch of the remote controller from upper most to lower most positions 3 to 5 times will reset the home point of PHANTOM 2. When the home point is set, you will see a series of rapid green blinks on the LED Flight Indicator.
Source: DJI Wiki
If you use this in combination with IOC you can simply set your home position above an object, then use your right stick to fly in a circle around it.