We use shared calendars quite a bit at Microsoft, and everyone gives read access to their calendars. We also have group calendars which are team based calendars.
Some of our customers use Excel instead to track team holidays though, and with the ability to link Excel to a back end data source, this seems like a logical idea if you need to charge out your time. So if you have to keep track of holidays, sick days and other time off in your office, set up an attendance-tracking template in Excel. You’ll be able to answer in a flash when your manager asks for the information.
So Andrew, I expect a blog post from you soon showing how easy this it to link into Performance point and track utilisation and other statistics for the team :-)