Redmonk has taken a good look from both on-site and outside at Lotusphere 2009:

James Governor, "How I Was Wrong About The Fearsome Engine That is IBM, Or, Thoughts on Lotus, Software and Elephants":

My advice to large enterprise customers--check out the new Lotus tools, they might surprise you. And you know IBM isn't going anywhere. IBM's competitors meanwhile- check out the rear view mirror - the Elephant may be closer than you think.
Michael Coté, "#ls09 - The Long Run from Good Enough to Fantastic":
Here's the deal: whenever a vendor does something that I think is, all around, a good idea, I start to get suspicious of myself. It's that demo glow thing. Worse, when they start finally doing something they should have been doing so long ago, but haven't, that you've given up believing that they would actually do're sort of all screwed up in your head in this analyst business.

That, dear readers, is my reaction at 20,000 feet (literally and figuratively) to this year's Lotusphere.
Both are worthwhile reads.  I've also posted a comment on Coté's missive regarding messaging operational costs, and looking at the whole picture.

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