On the other hand locality is constraining our QFTs, and the concept is at the very foundations of the physical interpretation of the theory in terms of the S-matrix, particularly its Poincare invariance. The minimal locality constraint is that the Hamilton density autocorrelation function vanishes for arguments of a space-like separation, i.e. microcausality,
$$[\mathcal{H}(x),\mathcal{H}(y)]_-=0 \quad \text{for} \quad (x-y)^2<0,$$
using the west-coast convention of the metric.
This implies the locality of interactions, i.e., a local event (e.g., the registration event of a photon with Alice's photodetector) cannot have causal effects on another local event which is space-like separted (e.g., the properties of a photon registered by Bob's photodetector far away from Alice).
Now, what's "realism"? According to the original paper, which is not very clearly written (as Einstein lamented about himself; he wrote a much clearer paper in 1948 [*], making clear that his main criticism is against inseparability as encoded in entangled states), it's the assumption that any observable has a well-defined value, while the QT state definition in terms of Born's Rule is explicitly stating that this is not the case. Further, it's a criticism against the naive collapse assumption of (some flavors of the) Copenhagen interpretation.
[*] A. Einstein, Quantenmechanik und Wirklichkeit, Dialectica 2, 320 (1948)
http://onlinelibrary.wiley.com/doi/10.1111/j.1746-8361.1948.tb00704.x/abstract
Of course, "point particles" are strangers in relativistic theories. The idea of a point particle in the mathematical literal sense of a point without any extension is incompatible with relativistic field theories, which are so far the only way enabling a sensible quantum theory. This is well known for about 100 years, when Lorentz tried to formulate his electron theory within classical Maxwell electrodynamics, running in the infamous problems with "radiation reaction", i.e., a fully consistent theory of interacting charged point particles. Point particles are, on the other hand, an abstraction, and what's describable as a classical "point particle" is in reality always something extended, and indeed the description of radiation reaction of extended object, including a careful consideration of the Poincare stresses, leads to physically meaningful fully relativistic equations of motion. The limit to a literal point particle, however, stays always problematic and is possible only in a certain approximation a la Lorentz, Abraham, and Dirac with a modification a la Landau and Lifshitz.
In relativistic QFT one is even more humble, and is just able to define "particles" in a very limited sense as asymptotic states. In QED, where (unconfined) massless gauge bosons are involved, the true asymptotic states are not even the plane waves which have some interpretation of single-particle states in terms of "wave functions" as in the non-relativistic theory, but more something like a "bare charge" surrounded by a "cloud of virtual photons" (coherent states). The formal treatment of these "particle-like states" is a bit inconvenient, which is why we usually start with the naive plane-wave asymptotic states and then realize that there are IR and collinear divergences in the cross sections, which are then cured with a technique called "soft-photon resummation" in the spirit of the old Bloch-Nordsieck procedure (in the non-Abelian case known as the Kinoshita-Lee-Nauenberg theorem).