Point Clouds architecture in VEX is based on data structure called kd-trees. They are created in memory from Houdini geometry and kept in cache for a period of VEX execution. Handle is like a reference of this structure inside a single VEX instance (like VOPSOP, or VEXSOP or any vex involved operator). If you create two point clouds inside single VOPSOP, they will probably have handles 0 and 1. Go figure!
It's basically an integer which lets you tell to other pc* functions which point cloud you're interested in (among many possibly created).