I agree with her on people not being the soft stuff, and you'll find plenty on my HCM blog about this to. I also recommend Scott McArthur's blog, particularly this post.
However, in this post, I wanted to extend on Fiorina's point about people being the software. You could see:
- Human capital as the software sitting on each individual PC
- Organisation capital as the hardware - particularly the computer networks linking different PCs together
- Social capital as the intra and inter net, including web 2.0.