Thanks for the list of links, but this does not really answer my question. I have iDRAC and understand what is does. Not sure of difference between Express and Enterprise, but will look at your link.
I guess after doing my own research, I am under the impression that OMSA and iDRAC can both do hardware monitoring, but OMSA is the only program that will let me do RAID configurations and rebuilds.
I am also under the impression that OME is more of a centralized server /network monitoring application for a more broad view (reports and general tasks like updates and patches) and less of a system management application with capabilities to manage specific hardware. Closer to HP OpenView than Microsoft's System Center.