Forrester recently published a "Forrester Wave" analysis, examining the various vendors in the collaboration software marketplace.  Both IBM and Microsoft have been ranked leaders...pretty much with even scores.  While I'll quarrel with some of the rankings (how could IBM have the lowest score of any vendor on cross-platform?), it is a decent analysis of where everyone stands.

IBM is a Leader in the collaboration platforms market, with its Lotus Notes/Domino platform and related products (QuickPlace and Sametime) and the emerging IBM Workplace Collaboration Services offering. IBM has a very strong vision and product road map and is the overall market presence Leader. IBM offers strong messaging, real-time collaboration, and team collaboration platforms, and solid security and Information Workplace readiness. But IBM is weaker than some of its competitors in architecture and administration. IBM's strengths make it a good fit for organizations that have a strategic orientation toward Java and other open standards, are developing an Information Workplace (IW) strategy, need a full collaboration platform and don't mind a lack of unification among collaboration modules, place a premium on vendor viability, and have open source leanings --  especially toward Linux.
Full report on Forrester.com, and IBMers have access to limited distribution.

Link: Forrester: IBM is a leader in the collaborative platforms market >
And if you are curious what this looks like through a Microsoft lens, see peterdehaas.net: Forrester: Microsoft Is A Leader In The Collaboration Platforms Market >

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