The question is : Does MS Project 2007 or any other project management application really manage your project??
for my opinion, the answer is NO. MS Project does not manage the projects, but it SUPPORT you in doing this. Managing project is a job that you as PM need to do but you need badly a PMIS solution to support you when in come to take decisions. This what MS EPM solution is all about.
Now we come to the point. Use MS Project correctly so it will help you taking the right decision at the right time, otherwise you will get nothing out of it, so be carefully