Among others, CNet is carrying this story. There’s a great deal of additional material at their site, including this interesting architecture diagram. Is this a credible threat? Not yet. These guys have literally millions of man-hours of catchup to do before producing a product that does what Exchange and SharePoint Portal Server (their apparent targets) can do. I won’t even attempt to list the hundreds of features that have to be implemented before they even reach parity with Exchange 5.5, much less Exchange 2000… much less Exchange 2003. Of course, since they’re not trying to implement a mail engine they get off the hook for a lot of stuff. We’ll see.
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Paul's Down-Home Page 
I’m a network administrator looking for a real world sharepoint/exchange alternative. I think you miss the point. Exchange and Sharepoint both were conceived as cheap, easy to administer alternatives to much more expensive predecessors. OpenGroupware doesn’t have to match these two packages. All they need do is provide the 20% of the features that 80% of the customers want and use every day. Since it’s open source and free, if you need a new feature, you just add a new project for a module. What’s actually implemented in the feature set is customer driven and you’re not forced to add new features if you don’t want to debug and security check them.
Two years one, OpenGroupware is about at its 1.1 iteration. It’s still got rough spots but we’ll be deploying it in 2006.