Microsoft Project Server 2007 functionality uses a completely new platform built on Microsoft .NET Framework 3.0 and Windows SharePoint Services 3.0. A high-level overview of EPM architecture is depicted below:
The architecture of Project Server 2007 is multitiered. The presentation tier includes Project Web Access, Project Professional 2007, and third-party client applications. The application services tier includes the PSI Web services, the business logic, and Windows SharePoint Services 3.0. The data tier includes the Data Access Layer (DAL) components and multiple SQL Server databases.
Project Server 2007 requires Windows SharePoint Services 3.0. Windows SharePoint Services handles user authentication and is the foundation for all Project Web Access features including site administration, Project Server Web Parts such as Project Center and My Tasks, and project workspaces that include lists of issues, risks, deliverables, and related documents.
The Project Server Interface (PSI) and Project Server events are used to extend and integrate Project Server with other applications.
Excellent deck on Microsoft Office Project 2007 Server Architecture Overview.
An experienced Administrator should be able setup and fully configure Project Server 2007 with about 8 hrs of effort.