The out-of-the-box integration is not a functional, fully-bonding implementation, instead it is a "link" between CRM and SharePoint that doesn't have the deep integration of the two products. That is, because they are two different applications, the CRM users must have the appropriate privileges on SharePoint before they can access the SharePoint documents from CRM. These privileges are set up on the SharePoint side, and not through CRM. The CRM Outlook client doesn't provide document integration with SharePoint when it's in the Offline mode.
Nevertheless, the SharePoint integration still enhances the document management ability in Microsoft Dynamics CRM. The following diagram shows how it works:
