Why/when is the blunt nose better?
In subsonic flow the air can react to the approaching vehicle since the pressure field around it extends forward, too. This means that a suction area on one side of the fuselage or wing will already start to pull molecules in before they reach the vehicle itself which causes this suction. A round nose allows the flow to come from a range of angles without creating too much drag. Aerodynamically speaking, the stagnation point can be moved without problems.

In supersonic flow, the air has no indication of the approaching vehicle. The first contact will cause a sudden change in direction, called a shock. For drag reduction it is important to make the shock as weak as possible, which means that the change in direction should be as small as possible. This can best be achieved by a slender, pointy tip.

Note the downward position of the intake cone of the SR-71 engine nacelle in the picture below: It is angled so that at Mach 3.2 the cone is symmetrical to the oncoming flow (which gives you a pretty good indication of the angle of attack of the whole plane).



SR-71 during take-off (picture source). Not only is the cone angled downward, but also canted in because the flow is pressed sideways by the aircraft's forebody in supersonic flight.

In hypersonic flow (Mach > 5) a blunt nose might again be preferable if the nose's materials put an upper limit on aerodynamic heating. A pointed tip will produce an attached shock which will heat the tip to something close to the stagnation temperature of the flow. A blunt nose, however, will cause a separated shock. This creates more drag and a higher amount of heat overall, but allows to spread this heat over a larger area and dump most of it into the air, producing lower peak loads. The Space Shuttle had such a blunt nose, since drag minimization is not a priority for a re-entry vehicle.