The product has actually improved a lot since the earlier versions that people usually associate their negative opinion of it with; and i've actually been seeing a lot more success stories than horror stories as of late with SharePoint 2010 deployments.
It's true that Sharepoint 2010 is better than earlier versions. With this version the whole edit-file-in-sharepoint-using-word scenario works probably 95% of the time. That's a huge step forward over earlier versions.
Of course, since the edit-file-in-sharepoint-using-word scenario is pretty much the only thing Sharepoint can do that still leaves it in the category of an atrocity against good software.
(Yes, I realize that Sharepoint technically can do other things: wikis etc. If you've ever used any other good product in the same space you'll find the Sharepoint implementations laughable though).
Edit: fixed wysiwyg typo.