The inability to keep all materials relevant to a particular topic/client/project--especially email--is a big hole in SharePoint currently. Yes, it can be done, but it's hardly easy for the end-user, and it's very limited. There are also some significant scale limitations (on the UI side) that make this impractical. Once this is added, SharePoint becomes a much, much stronger ECM solution.
Offline support is perhaps just as important.
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