I found this link which feature an honest overview of the Raizer's Edge and how it integrates with Net Community.  I also really liked the discussion that followed her post amongst her readers.  Happy reading! 

Zen and the Art of Nonprofit Technology

Thoughtful and sometimes snarky perspectives on nonprofit technology

CRM&CMS Integration: Blackbaud Raiser’s Edge and NetCommunity

http://zenofnptech.org/2009/02/crmcms-integration-blackbaud-raisers-edge-and-netcommunity.html