Microsoft Exchange Server 2003 is focused on providing enterprise e-mail services. An example usage scenario is that you want to provide e-mail communications for your entire company. You can learn about it here.
Microsoft SharePoint Portal Server is focused on enabling centrally-managed enterprise-class portal infrastructure across the enterprise. An example usage scenario is that you have 90 project teams and you want to centrally provide and manage a team collaboration environment for each of these teams. You can read about it here.
Windows SharePoint Services is focused on enabling ad-hoc collaboration sites to be set up by individual project teams. An example usage scenario is that a team wants to set up a quick site to discuss a particular project. You can read about it here.
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