First, if you've ever managed distributed environments with over 5000 users you'd understand NDS's full-capability over AD. There's no comparison.
NDS is a true directory that stores essentially all the data on all the apps for every server, so everything can be managed from a single tool. Which Active Directory tab do you use to manage DHCP? DNS? Exchange (Server, not the client options)? IIS? Can you manage both the user objects and the complete server file structure from AD?
The answer to all the above is no, and for NDS the answer is you use ConsoleOne. So I have a single source of management for >95% of my activities, and I can manage my Novell, Windows and Linux boxes from the same tool, which runs on my desktop. Using that tool I can reserve a DHCP address for a particular user, or workstation. I can create a new security group, create a new folder, assign the group to the folder, assign users to the folder, and modify the login script for just that group to add a new map..again in one tool. Imagine doing FULL email server management in the same tool you use to add/remove users.
I was at Novell's Corporate Sales/Training center in Seattle in 1994 when they explained the transition to NDS from Bindery. That Novell 4.0 implementation of NDS was about feature for feature with AD today. By 4.11 in '95 it was beyond what they're talking about in "Vista"...and this was over 10 years ago.
When everything, and I mean just about everything, that makes your servers run is in a single DS tool (no registry, no separate databases, no .ini files), when every service you install is managed from that same tool, when you can control all of that from your desktop across multiple platforms at a nearly infinite number of locations, THEN AD is equal to NDS...as NDS is now. Once MS catches up in 5-6 years, how much further ahead will NDS be?
That said, I'm transitioning my last Novell box to Win2k3 and completing the move to a homogeneous, windows-only network. It's not like I'm a Novell booster, but I've worked with both in large environments and small, and I know which I'd rather use. Now, only if they hadn't lost the battle...maybe my corporate overlords would be less windows-centric.