What's new in SharePoint, in Sesame Street Markup Language :-)

S is for Search with AND, OR, +/-, Siebel and SAP.
H is for How Happy I am to Have Master Pages to control style.
A is for any Authentication with Anything, Accessibility, and Audiences and Column Templates.
R is for Report Center Sites, Recycle Bin, RSS, Rollups of your docs across sites, Records Management, Relevence and Ranking in Search.
E is for Enterprise Content Management and Extensibility and Programmability with ASP.NET 2.0
P is for finding People (Knowledge Network), Policies and Auditing and Processes like Workflow.
O is for Offline, with Outlook and Groove.
I is for Interactive Business Intelligence and InfoPath forms in your browser.
N is for Navigation and Networking people via Wikis and Blogs.
T is for Telephones, now SharePoint works on Mobile devices.

As SharePoint grows, and it has sold 75 million CALS to 10,000 customers, it still have the same problem it always had. No-one seems to be able to grasp what it is! The term "Office Server" says it all to me, but the danger is it will become so fragmented and obscure it will try to do too many small things and forget to do the big things well, which are Search, Online/Offline publishing, Collaboration, and now BI and Workflow. Time will tell!