Defining requirements for a SharePoint related project is a very important exercise. Seemingly small changes to the requirements can mean the difference between one with a low level of effort and one with a lot of customization and coding required. Project sponsors new to the platform may also have misconceptions about what can be done, or at least what can be done easily.
Paul Galvin recently posted his presentation from the SharePoint Best Practices session on Defining “Great” SharePoint Requirements.
Anyone with plans for future projects or implementations should check this out.