Just finished playing with the Microsoft Project Server 2007 (or MSPS for short).
MSPS is server-side addition for the Microsoft Project that provides functionality for the centralized project storage, publications, global resource pool management etc. Additionally there is web access for it that provides lightweight readonly interface to the project data, allows to view assignments and schedule changes. And also, due to integration with the Share Point technology, there is the ability to manage project-related documents, risks, issues etc.
MSPS 2007 (compared to its 2003 predecessor) can be considered a major breakthrough. Complete installation and configuration of the old version used to take away a couple of days (every technology piece starting from the DB and up to MSP templates on the SharePoint had to be separately configured and managed) and you were still unsure if everything will be holding together after the next rain.
In MSPS 2007 you just have to get ASP.NET, .NET 3.0 and then pick "Basic" install. The system will install and configure everything for the basic usage (SQL Express, Share Point Server, Project Server, Web Access for it, etc) in less than half an hour. It feels like magic.
I doubt that the Project Server will be used for my development projects, since single MSP 2007 is more than enough for now. But knowing that the usable potential for project portfolio management is there - just feels good. Additionally, there is Microsoft Team System (something that I still have to check out), that supposedly integrates nicely with the MSPS.
PS: this version of Project Server is implemented with .NET and ASP.NET (PSI is the good old WS), so
hacking extending it should be much easier for the developers out there (old version had huge amount of some ugly ActiveX and ASP).