I noticed that my boss, who was not even listed as a reader on our SPS2003 development site, had the ability to create subareas, add webparts to them, add listings, and add users. In fact, I think that he's the one that added me as a user to the site and made me an administrator. We ran a few tests with people who were administrators to the MACHINE and they could do whatever they wanted to the whole portal site. Then we took users that were not administrators to the machine and they could only do what we specifically provisioned them to do.
So, our current theory is that local administrators to the server are allowed to do whatever they want to our Portal. Anyone notice this? If so, any thoughts?