I unfortunately have no experience yet with Sharepoint 2007, I've only handled the standard Office suite so far. Although I've never much liked Sharepoint, to be honest. The fact that it's a web interface and, really, ONLY a web interface makes it slow on good day and positively infuriating on days with high network congestion.

What kind of content are you looking to manage? I know of a few third-party CSM products that have gotten great response.