I *hate* Sharepoint with a firey passion - the interface is completely counter-intuative. If Microsoft are looking at Office into a full-blown client-server collaboration tool (so that would be like Lotus Notes then?) they *really* need to sort out the administrative interface...
TBF I've never used Notes - but I've got collegues who have and the general impression is that Sharepoint has no administrative cohesion. It is just basic interface design stuff that Microsoft really should be able to do better - too much damned clicking on links that jump around all over the place. It was so much better when Sharepoint was managed using MMC snapins...
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But yes, there's still work to be done. I've yet to see the Office 12 Sharepoint Server...
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and shovelling out tools for people to do stuff doesn't make the *any good at it*, by and large ...