• Manage content and streamline processes. Comprehensively manage and control unstructured content like Microsoft Office documents, Web pages, Portable Document Format file (PDF) files, and e-mail messages. Streamline business processes that are a drain on organizational productivity.
• Improve business insight. Monitor your business, enable better-informed decisions, and respond proactively to business events.
• Find and share information more simply. Find information and expertise wherever they are located. Share knowledge and simplify working with others within and across organizational boundaries.
• Empower IT to make a strategic impact. Increase responsiveness of IT to business needs and reduce the number of platforms that have to be maintained by supporting all the intranet, extranet, and Web applications across the enterprise with one integrated platform

• Collaboration
  Office SharePoint Server 2007 is an important part of the overall Microsoft collaboration vision to help your organization work more effectively with others. Features include improving team productivity, managing document creation process, streamlining business processes, and supporting community knowledge.
• Portals
  The portal components of Office SharePoint Server 2007 include features that are especially useful for designing, deploying, and managing enterprise intranet portals, corporate Internet Web sites, and divisional portal sites. The portal components make it easier to connect to people within the organization who have the right skills, knowledge, and project experience.
• Portals
  The portal components of Office SharePoint Server 2007 include features that are especially useful for designing, deploying, and managing enterprise intranet portals, corporate Internet Web sites, and divisional portal sites. The portal components make it easier to connect to people within the organization who have the right skills, knowledge, and project experience.
• Enterprise search
  The search component of Office SharePoint Server 2007 has been significantly enhanced by this release of SharePoint Products and Technologies. New features provide a consistent and familiar search experience, increased relevance of search results, new functions to search for people and expertise, ability to index and search data in line-of-business applications, and improved manageability and extensibility.

Office SharePoint Server 2007 builds on the core document management functionality provided by Windows SharePoint Services 3.0, including check in and check out, versioning, metadata, and role-based granular access controls. Organizations can use this functionality to deliver enhanced authoring, business document processing, Web content management and publishing, records management, policy management, and support for multilingual publishing.

For an overview of what is included in each of the different versions of SharePoint server, click here for a SharePoint Products Comparison spreadsheet.