Well, there I was posting a tip today and I see someone felt this warranted a Front Page entry, thank you.
I really like how the last question in my original post was quoted. I guess the pressure is on me to show how FP and EWD can be used as a CMS, eh?
Document Check-in and Check-out
While in FP, go to...
Tools > Site Settings > Check the "Use document check-in and check-out"
I also recommending checking the "Prompt to check-out file when opening a page"
What does this do? Once activated, your web is now under a check-in and check-out procedure. Each time you open a file, you will be prompted based on the status of the file. If it is available for editing, you will be given permission to edit. If it is not available, you'll get a message showing who is editing the file and you will have read only access.
Once you close your web, those files that you've checked out are now available to the rest of the editing team.
I should point out that these are "basic" features in FrontPage and EWD. You can expand your editing features by moving into a SharePoint environment. Or even better yet, an MS Content Management Server. I'm itching to spend some money and that MS CMS is on my list. :)