I use Outlook 2007 for all my needs. I have 4 different email acct. to coordinate, Windows live mail, g-mail, dish-mail, and qwestlive-mail. Outlook 2007 administers them all and maintains my contacts, calendars, etc. The only thing I don't get is the collaboration tools of a major NT network with Exchange server in the background syncing my Mobile device. I can do this manually so even that function can be worked around. This product is in my opinion one of Microsoft very best tools and that makes it worth the $59 cost for a stand alone copy....However....
I purchase Office 2007 Standard containing Word, Excel, and Outlook. I Don't have ANY need for power point except as a reader (free from Microsoft) So it comes down to office Home and Student or Office Standard 2007 (ask your self which is more useful) so why Trade outlook for a power point presentation product that I can get free in open source and anything else will require a higher level of office. Can't imagine why any normal home owner would want or need power point but if you need to read a ppt presentation there is a free reader from Microsoft. If you need other programs you can buy them individually or just upgrade to small business version of office.Or even ...horrors....use....gulp, gulp, gulp, Open office.org Presentation instead of Power Point. and while you are at it you can get a whole office suite compatible to all but the newest .docx, xlsx.etc formats (Now you know why they changed them !)and these can be avoided in the creation of the document in the first place (Dispite the rabid Microsoft only crown - these products are based form and functionaltiy on Microsoft office and are compatible up until Office 2007.
There is also a very nice (Free) opens source email client very comperable to Outlook called Thunderbird avalable from Mozilla. It also does multiple email accounts. contacts, blocking filters, spam, calendaring, schedualing, and can with a little work also since to your mobile device and did I mention the price FREE, FREE, FREE. so go ahead and tweek the underlining code to personalize it to do other things...no body cares..distribute your changes from free and no one wants a cut of the action.Thunderbird has one additional feature...it is compatible with Exchange server for the collaboration of meetings, etc.
I personally am lazy and just use Word, Excel, and Outlook, added in the Power Point Viewer, and the Paint product is available in Picture viewer when you chose modify the image. Can't think of anything else I need from my Microsoft Office products.