I was asked recently if Project 2007 had a similar feature to Project 2003 to save data as an ODBC connection. Actually the Visual Reports feature does allow saving a database file that can be used in Access (see screenshot below). By structuring projects appropriately one certainly could produce program level reports using this feature.
For enhanced reporting, by Leveraging Project Server 2007, users will have access to the Data Analysis reporting feature, which provides 13 Analysis Services cubes from which to report from. These 13 cubes provide a myriad or reporting capabilities at both a project and organizational level. An additional benefit of Data Analysis is the ability to export the reports to Excel for further manipulation.
There is also a schema of the reporting database in the PS07 SDK. The reporting database is great for creating reporting using technologies such as SQL Reporting Services, which is a very robust reporting tool that is not difficult to learn. I included the MSDN link to the SDK is below, which provides quite a bit of information about the many ways Project Server data may be leveraged for many different purposes.