I've been working with SharePoint since v.1 and I could tell you that SharePoint is a:
- Document management server
- Web content management server
- Portal solution
- Search engine
- List-based repository
- Collaboration site
- Replacement for file shares
- etc etc...
...but if I have to summarize in one sentence what SharePoint is I would say:
Sharepoint is Microsoft's Web OS.
That's real the secret of its success. Many people imagined the Web OS as something like these. A Web OS is not something that is meant to look like a desktop OS. A Web OS should be a WEB PLATFORM in which all sort of applications can be built on and users are able to collaborate with.
Think of SharePoint as the 2.0-era version of Windows :-)