Microsoft considers SharePoint Server 2007 a component of Office, but it's actually much more. You can make a very good argument that SharePoint Server is now the core platform on which almost all Microsoft-based Web, SOA (service-oriented architecture), BPM (business process management), e-commerce, content management, collaboration and, of course, portal initiatives will be built.
During my testing so far, it looks as if Microsoft has done a good job of opening up SharePoint Server so that it works well in standards-based situations while improving its integration with other Microsoft applications, including Outlook and Visual Studio.
Click here to read my full review of SharePoint Server 2007.
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