So far the limitation that I have identified during Share point application
testing through QTP is that, in share point application many actions are based
on "mouse over".

At the time of recording following statement is recorded -

Browser("Home -").Page("CTDProfiles").Image("Edit").FireEvent "onmouseover"

but during playback script fails.

As well as some functions are based on "right click" event like view or update
or delete record again QTP record it as "image click" and the statement recorded
as follows-

Browser("Home -").Page("CTDProfiles").Image("Edit").Click

Again the script will fail because QTP do not perform right click operation.

So these are the limitation I have encountered during my testing.