The company I work for is about to use dotLRN as a project-focused group workspace. We're not up and running yet, but so far it looks like the main thing we need to do is rename parameters, e.g., change "class" to "project" and "department" to "client." It looks like you can do at least 90% of this sort of customization within the admin interface. Since you can choose to turn packages on or off for particular groups and subgroups, adding or deleting a bboard, FAQ, or whatever, can also be done just using the admin interface.
At some point we'll integrate Lars' "bugtracker" module and make a few other task-related customizations, but basically you can think of dotLRN as the base for a knowledge-sharing environment that's appropriate for any sort of asynchronous collaboration, whether that's a class, a work project, a community, or company.