What Portal provides is
authentication
authorization,
user management,
security ( SRAP),
content presentation frame work ( URL Scraper provider, RSS provider and JSP provider )
dynamic vpn ( through netlets you can integrate any tcp based network application )
Wireless portal :-),
and a variety of other features ..
I don't believe app server provides all these features. Requirements of these features necessitates a portal market which the portal server addresses.