Nelson,
At a presentation of someone at Oracle I heard the difference between using WCM, WebCenter Portal and WebCenter Spaces and when to use them.
The bottom line is that when you have a content driven portal, you definitely want to use WCM because all of your content will be stored in the Content Server.
When you want lots of flexibility, you want to use the WebCenter Portal application. You can use some parts of WCM when needed but mostly you will write your own code or use the OOTB components. When those OOTB components don’t provide the functionality you need, you can write your own.
With WebCenter Spaces you have less flexibility but you have a very nice OOTB environment for collaborative portals.
In your case, if all you need is Site Studio features, build your portal with Site Studio instead of WebCenter but if you need more agile portals with a more Enterprise 2.0 approach, you will need the WebCenter Portal application.
Hope this helps
Regards
Yannick
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