It is - my point is that it's built on Exchange's already limited filtering capabilities. No matter what way you use Exchange filtering (whether through Exchange or through Outlook (client only)) the filtering capabilities are limited.
I mean, IMF doesn't offer anything from a performance review or standpoint, so you really don't know how well it works depending on the amount of messages coming in and going out.
On the server, the clients never see the emails that come through if it's above the threshold settings. They are either archived or deleted. If they are archived, have fun wasting money by doing a "Windows search" function through the folders trying to find where the message went, since it's treated like a spam depository. Very inefficient.
Keep in mind that IMF is a text-based heuristics filter. This has been around for years and has been defeated by many many spammers out there. Especially since a ton of spam received these days are links to spammed messages that can automatically be loaded in the Outlook in-line HTML capabilities.
IMF doesn't allow the users to do assist the administrator in any way shape or form close the what 3rd party products allow. If your server flags the emails as being spam, you have to manually search through all the emails to find out what is spam and what is not. 3rd party products allow the end users to see what's being filtered and why it's being filtered.
IMF will not have (and never has) any type of regular updates. Whereas 3rd party products offer the following types of detection and/or filtering and updates:
SPF
Bayesian
DNS Blacklisting
Whitelisting
Blacklisting
Keyword
Header
There's no granular approach to the IMF route - you have one set of rules for all your users instead of defining different rules for different users and/or groups.
Many times spammers will send email messages that appear to come from your domain. Good luck making IMF block those messages.