If you have a background in web development, I think you might be frustrated at the lack of flexibility that Sharepoint offers developers. Being restricted to think in terms of "web parts", isn't a lot of fun if you've previously had the flexibility to write a little closer to the HTML.
In addition, I found that a lot of time was spent on configuration / implementation issues, relative to regular web development.
You do get a reasonable amount of functionality "out of the box" though.
