Sharepoint is a much more restrictive framework than plain ASP.NET. There's a lot done for you already, but the object model can be hard to work with at times. There are some limitations that seem to be arbitrary (i.e., number of webs per site collection, number of libraries per site collection, etc, etc). Permissions aren't terribly fine-grained, and if you need to do something that is already done but done poorly (or just not what you need), then you'll end up resorting to things like writing your own HTTP module to jump out in front of Sharepoint.
What kind of dashboard application are you building? The web part system in WSS 3.0 and MOSS 2007 have converged, so if you just need to have a bunch of custom web parts and allow your users to build sites and use those web parts, Sharepoint may work great for you. On the other hand, if you have specific user management needs or are going to be storing and retrieving massive amounts of data, it may not be the best thing. It really depends on your application.