I am not sure I understand your case.
If your points are in a cluster and you want a polygon to represent the cluster area, you can try the Aggregate Points tool (ArcGIS 10; ArcInfo licensing; Cartography toolbox - Generalization toolset).
If your points represent a polygon boundary and you want to connect them to make the polygon, you can try the Points To Line tool with CLOSED option to make a polyline and then use the Feature To Polygon tool to turn the polyline into a polygon.
Either way you will get a polygon from the point set without the point attribution. Depending on what attributes you like to derive from the points to the polygon, you may need Dissolve tool, Summary Statistics tool, or else.