Microsoft Small Business Accounting 2006 is part of the MS action pack that recently purchased. I needed an accounting solution for my own company anyway, so i gave it a whirl. First impressions are good so far. Remember that I am a computer guy not an accountant.
Setup via the wizard was easy enough. The wizard actually is a tool that you can bring up as often as you like in order to further tweak and configure SBA. In the past i have used QB 2003, and find that SBA is almost exactly the same. MS definitely went after the QB crowd, even releasing a QB import tool. (UPDATE: the tool need not be installed as all new versions have it built in) The company file (as it is called by QB users) is actually a text file with 'directions' to the MSDE instance that gets installed. Looks like that was done just for the QB crowd that has a hard time with changing from "file->open". Kind of deceptive if you think that you can just backup that file. (note the tiny file size)
Reporting was simple, though i have not to customized any reports. One slick feature is the Cash basis vs. Accrual basis toggle. It actually works and does not have the known QB issue with switching from cash to accrual.
So far so good.