Viewing Public Calendar by Person

This is a question someone posted on "Experts Exchange" and it's exactly what I'd like to do, so I'm just basically pasting the question.

I am researching different options for having a shared calendar that my department can access via the web and add scheduled events to (i.e. vacation and location information). We have an Exchange server and all our users have Outlook 2003 so I was wondering if that would work... My senior manager wants to be able to tell where someone is at a given time since all of the users are consultants assigned to clients. Right now everyone uses Outlook to manage their schedules but it doesnt let the senior manager know where they are w/o calling to ask. We've setup a public calendar so we can put assignments on there, but it just shows like a regular calendar where I'd have to open each event to see who's an attendee. We'd like to set it up so that we can view one calendar that we could update and then it would update the personal calendar of the invitees. My question is can I set up a shared folder in outlook and have a calendar that everyone can add to that will give an overlapping view? Has anyone tried this with Outlook 2003? Basically, I'd like to have a list down the left of the members of the dept, and a timeline across the top and the assignment listing as the product of the person and date/time.

I've done something similar through "Group Schedules" in Outlook, but since we don't have permissions to see everyone's personal calendars, we can only see the time blocked out, not the actual event. Basically we'd like a view like that, but being able to view the entries that are entered on a public calendar.